{"id":52314,"date":"2023-06-13T00:00:00","date_gmt":"2023-06-13T00:00:00","guid":{"rendered":"urn:uuid:b73f95ba-d7ec-d6c1-f8e0-30561cc4022d"},"modified":"2023-06-13T00:00:00","modified_gmt":"2023-06-13T00:00:00","slug":"ransomware-insurance-security-strategies-to-obtain-coverage","status":"publish","type":"post","link":"https:\/\/www.threatshub.org\/blog\/ransomware-insurance-security-strategies-to-obtain-coverage\/","title":{"rendered":"Ransomware Insurance: Security Strategies to Obtain Coverage"},"content":{"rendered":"

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Download Trend Micro’s Guide to Cyber Insurance<\/span><\/a><\/p>\n

A cyber insurance policy is a necessary element in a company\u2019s risk mitigation strategy. However, obtaining\/renewing a policy is becoming more difficult, and premiums have drastically increased. Direct-written premiums increased by 92%<\/a> in 2021 according to the National Association of Insurance Commissioners.<\/p>\n

The primary reason for the hardening of the cyber insurance market? Ransomware. Since ransomware accounts for 75% of all insurance claims<\/a>, premiums are directly correlated with the 148% increase in attacks through Q3 2021<\/a> as well as higher ransom payment demands and business interruption costs.<\/p>\n

As costs continue to soar, many businesses lack the appropriate cyber insurance coverage. According to a BlackBerry and Corvus Insurance survey<\/a>, nearly 40% of respondents revealed they currently lack coverage for any ransomware payment demands.<\/p>\n

Businesses of all sizes need to take stock of their ransomware prevention strategy \u2013 not only to reduce the chances or scope of cyber attacks, but to demonstrate the necessary cybersecurity maturity to obtain the appropriate policy for your business.<\/p>\n

Common ransomware attack vectors<\/span><\/p>\n

Understanding the modern attack mechanics and vectors is critical to effective cyber extortion prevention. As the attack surface<\/a> continues to rapidly expand due to digital transformation and remote workers, cyber criminals have a variety of entry points to choose from.<\/p>\n

Securing potential attack vectors strengthen your overall cybersecurity maturity and demonstrate proactive, risk-based protection \u2013 which is exactly what cyber insurance underwriters want to see when evaluating organizations for ransomware insurance. Here are the security practices you can apply to the attack vectors listed above. Here are the most common attack vectors and what enterprises can do to better secure them:<\/p>\n

1. Phishing attacks <\/b>like BEC are responsible for 91% of cyber threats<\/a>, including ransomware. Trend Micro Research reported a staggering 205% increase in credential phishing detections<\/a>.<\/p>\n

What enterprises can do: <\/b>Stronger email defense depends on layered messaging security. Look beyond native security to cutting-edge capabilities such as gateways to detect internal malicious emails, writing style and computer graphic analysis, and integration with a broader security platform.<\/p>\n

Trend Micro\u2019s VP of Threat Intelligence, Jon Clay, compiled a list of questions to across the four pillars of cybersecurity \u2013 people, culture, process, and technology \u2013 to identify potential email security gaps. Read more<\/a>.<\/p>\n

2. Unpatched vulnerabilities <\/b>on any internet-facing systems (websites, VPNs, etc) continue to be exploited for ransomware attacks. Of the 1,543 vulnerabilities disclosed by market-leading bug-bounty program Trend Micro\u2122 Zero Day Initiative\u2122<\/a>, 68% were categorized as critical or high severity.<\/p>\n

What enterprises can do:<\/b> To create a strong defense program against vulnerability exploitation, consider the following patch management best practices<\/a>:<\/p>\n