Calgary Businesses Face Stricter Cybersecurity Insurance Requirements

In Calgary, both the insurer and the insured need to be on the constant lookout for emerging cybersecurity threats to ensure the best protection is provided.

Calgary Businesses Face Stricter Cybersecurity Insurance Requirements

Businesses in Calgary can no longer look at cyber risks the same way they look at risks such as fire and floods. Insurance companies have decades of data to figure out the best way to underwrite those policies accurately. However, cyber threats are new and rapidly evolve as bad actors continually look for soft spots to exploit. That’s why financial modelling and what-if analysis don’t apply to cybersecurity insurance.

In Calgary, both the insurer and the insured need to be on the constant lookout for emerging cybersecurity threats to ensure the best protection is provided. Currently, businesses in Calgary face stricter cybersecurity insurance requirements, and without proper security measures, it may be impossible to get coverage for your organization.

Cybersecurity Insurance

Why Consider Cybersecurity Insurance

Cybersecurity insurance benefits both the insurer and the insured. For example, the insurer stays close and informed about the various risks they’ve committed to cover, making them constantly aware of the cyber exposures their policyholders face and directly feed them into their risk aggregation modelling.

The same knowledge is passed on to the insured, enabling them to get updated risk insights generated from the continuous assessment process. As a result, the insured can proactively work with their cybersecurity service provider to address any new risks as they spring up.

In short, cybersecurity insurance provides proactive loss control for insurance companies and closed-loop risk. And since seeking cyber insurance coverage that is right for your business can be a daunting task, Pure IT can help you understand what practical elements you need to put in place and how to streamline your overall security posture to get reliable and affordable cybersecurity coverage in Calgary.

How to Meet the Stringent Cybersecurity Insurance Requirements in Calgary

Even before the pandemic, cybersecurity insurers tightened their underwriting policies and asked for more details to better understand the risk they were insuring. Whether it’s about your backup procedures or questions about specific security controls you’ve put in place, you need to strengthen your data security solutions to get dependable cyber insurance coverage. And with Calgary companies facing stricter cybersecurity insurance requirements, you should expect a more rigorous underwriting process.

This entire shift heightened when the pandemic hit, forcing entire workforces to migrate from office working environments where cybersecurity was properly controlled to working from home. As a result, cybercriminals took advantage of emerging security and human vulnerabilities. Common challenges included unsecure connectivity, low bandwidth, employee access issues, social engineering, phishing, and other “human” cybersecurity risks.

Fortunately, with dependable cyber insurance, you can respond to various security incidents, both big and small. Whether it’s about network outages, financial fraud, data breaches, or ransomware attacks, cyber insurance can go a long way in keeping your company afloat.

However, not all cyber insurance policies are written equal, and the pandemic highlighted some critical areas of concern. You need to carefully look at some critical definitions within your cyber policies, such as “computer system,” to ensure that your employees working from home on their personal computers are covered. Overall, here are some ways Pure IT can help strengthen your cybersecurity and help you find reliable cyber insurance coverage at an affordable rate:

1. Data Breach Prevention Services

Pure IT offers growing businesses proactive protection of sensitive data. If you always worry about malicious actors gaining unauthorized access to your organization’s network, Pure IT provides robust, reliable data breach prevention services at an affordable cost. Our data breach prevention solutions will help you maintain compliance with industry data protection regulations and gain access to affordable cyber insurance coverage.

With the ever-evolving cybersecurity threat environment, the Canadian government is enacting new compliance regulations centred around data security and privacy. We can help you remain compliant with various industry regulations by ensuring security, integrity, and availability of sensitive data and information systems.

2. Data Protection with the CISCO Umbrella

Pure IT provides your organization with the first line of defence against threats with the CISCO Umbrella. The application also helps you view your online activity in real-time. If you’re concerned about the impact of malware or viruses on your network’s performance, we can help you cut out attacks on your company’s network before they interrupt your services.

By implementing multi-layered security, your business will have the best chance of identifying and neutralizing advanced online threats. Our DNS filtering solution with CISCO Umbrella provides solid cloud-based data security architecture to defend your organization against ransomware, malware, unauthorized cloud services, and data breaches. With real-time visibility into your global activity and reports on potentially infected systems, we can identify possible attacks and thwart them before they happen.

3. Managed Threat Response

Pure IT can help you get back to business normalcy as quickly as possible following a cybersecurity breach incident. We work with your teams to create a disaster recovery plan that complies with strict industry or governmental information security regulations.

Since your company deals with multiple network devices, cybercriminals often have more attack surfaces to exploit to gain entry into your network. Pure IT provides proactive incident detection and threat response solutions from a state-of-the-art Security Operations Centre. Besides, our fully managed threat response service helps you detect and respond fast to threats with Kill Chain visibility and Root Cause investigation.

4. Penetration & Vulnerability Testing

Pure IT can push the limits of your company’s network security through penetration and vulnerability testing. Our penetration testing and vulnerability assessments typically simulate a real attack but without the consequences of a malicious attack.

We let you know exactly where your current system is falling short. And based on the outcome, we administer a customized network security solution to bolster the areas we identified as weak spots. We recognize that hacking techniques and cyberattacks constantly evolve, and your cybersecurity solution must evolve with them.

Wrapping Up

With over two decades of experience in offering cutting-edge managed IT services for small- and mid-sized businesses throughout Calgary and Alberta, Pure IT has the skills and knowledge to handle any situation your organization throws our way. If you’re looking for reliable IT support you can always count on, consider working with Pure IT. Engage us today to ensure that you have all your ducks in a row and make sure you can get the insurance your organization requires.