4 Core Elements of Supply Chain Resilience
July 11, 2024
It is common to find inadequate cyber liability insurance policies. It is common to find businesses that think they are fully protected. Here’s how you can be confident in your cyber insurance coverage, find the best premium, and reduce your risks.
EVERY WEEK, AT LEAST ONE BUSINESS CLAIM SURPASSES $1 MILLION*
The AME Group recommends FifthWall Solutions, a cyber insurance wholesaler fully dedicated to cyber liability and technology errors and omissions insurance (e & o).
The AME Group knows navigating cyber liability insurance can be a challenge. We have found that insurance agents will send policy renewal information at the last minute. This causes both our client and our engineers to rush to compare cost, complete insurance renewal applications and verify security controls. Insurance carriers are requiring more controls than ever (see “NOT OPTIONAL” below) and costs are soaring.
Our team is taking a proactive approach to serving our clients regarding their cyber liability insurance coverage.
Cyber incidents are a “when” and not an “if” occurrence. So, cyber insurance is an essential component of risk management. As cyber threats and exposures constantly change, insurance carriers require security controls from your organization to be eligible for coverage and provide savings in the long run. The AME Group provides these exact security controls that prevent cyber incidents and minimize the impact and cost of an incident.
ENGAGE FIFTHWALL
Let FifthWall do the work for you. You can gain access to cyber quotes that reward your risk management and better align with your risk profile.
ENGAGE THE AME GROUP
Multi-factor Authentication (MFA) is an authentication method that requires a user to provide two or more verification steps to gain access to a resource such as an application, online account, or a VPN. Simply put, MFA is a baseline requirement for today’s cyber carriers.
In a world where ransomware is around every corner, backups are only as good as where they are stored. If backups are not separate, a ransomware event could very likely encrypt those backups, making them useless.
EDR is software that is on a constant lookout for suspicious behavior and, if found, provides notice and remediation. To use your work computers as endpoint examples, endpoint detection looks at every computer — if it detects anything unusual, it rings the alarm. While EDR in itself is a vital security tool, more carriers are now also looking for Managed Detection & Response (MDR) for EDR, a 24/7 team of dedicated staff that investigates any alerts immediately.
NGAV goes together with EDR. Traditional Anti-Virus is looking for viruses that are in a known directory and cataloged. Next-Generation Antivirus (NGAV) goes one step further. It uses a combination of artificial intelligence, behavioral detection, and machine learning algorithms so that known and unknown threats can be anticipated and immediately prevented.
With new vulnerabilities coming out daily, patching critical issues in less than 30 days is a must. Vulnerability scanning is a critical piece of patching regularly. as businesses can’t protect against what they don’t know about.
Cybersecurity Training is not a nice-to-have company policy anymore. It is required for all users on your network to learn how to spot phishing emails and other threats that bypass security tools.
*2023 NetDiligence Cyber Claims Study surveying9,000 claims from 2018-2022, averaged over time.
Ask for a free consultation today. Partnering with The AME Group will make technology and security easier for you and your business.
619 Main St
Vincennes, IN 47591
812.726.4500
