Insurability
How Trend can help establish eligibility with multiple capabilities
What information do I need to provide to determine cyber insurance eligibility?
Insurers want evidence that you have robust defences in place before extending coverage. They may require things like:
- Vulnerability and Patch Management
- MFA
- EDR/XDR
- Email Filtering & Web Security
- Tested Backups
- Logging and MDR
Even if you meet these requirements, however, it’s possible that your organisation could still be denied a policy for any of the following reasons:
- Lack of or inability to demonstrate appropriate security measures
- Outdated technology and poor risk management practices
- Inadequate financial controls or preventative measures
- Insufficient data protection policies
- History of prior data or security breaches
- Regulatory non-compliance
- Inadequate employee training
- Operation in a high-risk industry
How can Trend Micro help with establishing cyber insurance eligibility?
Trend Vision One™ satisfies 6 of the 12 controls brokers and carriers look at when approving applications for cyber insurance, all in a single solution versus multiple options with bloated feature sets. This is accomplished not only through Trend Vision One but additional solutions as well as IR plans through our partnership with NetDiligence®.
If you have a cyber insurance policy and are up for renewal or are looking to get one for the first time, there are a few things your organisation should know. In general, insurance carriers and brokers use most, if not all, of the controls used below when assessing the potential risk an organisation poses when writing a cyber policy.
- EDR/XDR
- Vulnerability and Patch Management
- Email Filtering and Web Security (Cloud Posture)
- Logging and MDR
- Replacement or Protection for EOL Systems
- Security Awareness Training
- PAM (Privileged Access Management)
- MFA
- Active & Tested Incident Response Plans
- Tested Backups
- Vendor Risk Management
- Remote Desktop Protocol
We created the below asset for you to share with your carrier, broker, or board on why Trend Vision One for insurability. When they have questions share this document or set up a call with our cyber insurance team to help you through the process.
Be sure to ask your broker or carrier which controls they focus on specifically to help you better:
- Detail your organisation's responses to the insurance application process
- Identify what other security controls you may be lacking in
Asking these questions will enhance your company's chances of securing an optimal policy, premium, and overall insurance experience. Trend is committed to assisting you in various ways, whether it's showcasing the range of telemetry you utilise or providing cyber insurance reports that highlight crucial metrics important to brokers and carriers.
Insurability learning and resources
Broker tips and responses
How to respond to brokers who say Trend Micro isn't an approved security vendor
Application tips and tricks
How Trend can assist you with completing cyber insurance applications
Cyber Insurance 101
Part 1
Helpful tips to keep in mind during the insurance application process
Cyber Insurance 101
Part 2
Trend-approved Broker talking points
Multiple capabilities at your fingertips
Trend Vision One enhances your organisation’s ability to meet cyber insurance requirements through advanced threat detection insight across the entire attack service, continuous risk assessment and integrated response capabilities, all in one simple AI-powered cybersecurity platform. By providing real-time monitoring and alerts, it can help to quickly identify and mitigate potential threats, reducing the likelihood of successful cyber attacks. Insurers look at several factors when underwriting a business for a cyber policy. Trend Vision One can help you meet some of those requirements through our detailed analytics, reporting and assessments.
Being able to discuss what Trend Vision One does with your broker or carrier can show a more mature security posture, tied with providing documentation or attestation of what is going on in your environment. This level of security posture is typically required by insurers to qualify for cyber insurance policies or to obtain better rates.
However, it's important to remember that other factors such as number of PII records held, industry or organisation size can impact your ability to get a policy despite having good cyber security practices. Being able to show your commitment to constantly improving your security and risk management strategies will ultimately benefit your organisation and instill confidence with your carrier that you have the right tools, solutions and technologies in place.
How Trend can help establish eligibility with multiple capabilities