Cyber insurance is one of the most important investments for today’s organizations that are constantly under threat of cyber-attacks. A solid cyber insurance policy helps cover losses after a cyber incident, but organizations need transparency in reporting to maintain coverage.
Unlike other options, Security Information and Event Management (SIEM) solutions help organizations gain insights that prove crucial in meeting ongoing cyber insurance requirements. This approach helps continuously build trust with insurance carriers, ensuring coverage and fewer rate hikes. Here’s how SIEM fosters trust between organizations and cyber insurance providers.
With recent upticks in ransomware, business email compromise (BEC), and other attacks, cyber insurance providers have had to shell out large payments for affected policyholders. As a result, carriers are becoming more stringent in granting policies, upping their expectations for new policyholders and raising the rates of those that fail to meet them.
Meeting these expectations is an ongoing process that relies on having a clearly defined and established cybersecurity program. During the application process, insurance carriers will commonly ask about multiple aspects of the security program, including but not limited to:
To the last point, having full-scope visibility is crucial to understanding what’s truly happening in the environment, such as:
Not only does this prove critical in investigating and responding to threats, but it also shows insurance adjusters that the organization can quickly pull logs and dig into past incidents to show findings and learnings. These are key capabilities in maintaining coverage and helping carriers build trust in your cybersecurity practices.
When it comes to gaining this level of visibility, few solutions do it better than SIEM. SIEM integrates with systems and applications across the IT environment, pulling data from the endpoint to network infrastructure and everywhere in between. A cloud managed SIEM also includes pre-built detection rules that streamline an organization’s abilities to uncover potential threats.
In terms of cyber insurance, SIEM provides a single pane of glass that you can use to show that you meet a carrier’s requirements. For example, some carriers hold compromise assessments to gauge the level and efficacy of your controls compared to their requirements. With SIEM, you can forego that process by presenting data to support your claims. This not only meets carrier requirements but shows you’re taking a proactive approach to security, which goes a long way in continuing and cheaper coverage.
Another key facet in cyber insurance policies is incident response (IR). Carriers work with organizations after incidents to determine fault and provide estimates and payments for damages done. SIEM collects data for IR into a single location, streamlining root cause analysis and highlighting vulnerabilities and areas of improvement.
From a cyber insurance adjuster’s perspective, this visibility is immense. It gives them insights both into how your team operates during cyber events and your abilities to learn from prior incidents to adapt your program. Given that cybersecurity is a journey and not a point-in-time measurement, the ongoing improvement approach proves to carriers that you are truly invested in your cyber program.
SIEM helps you accurately showcase your cybersecurity controls and pull information quickly for IR. When it comes to instilling cyber insurance carrier’s trust in your security program, this goes a long way in proving you are capable of continually meeting their requirements.
Read how to find the best SIEM solution for your business by downloading our free eBook.
