As cyberattacks become more sophisticated, your business requires the right cyber insurance coverage to ensure comprehensive protection. But, you need a solution that provides benefits beyond the financial. You need a partner that understands your digital risk landscape and helps strengthen your cyber resilience. That solution is Silverfort.
Silverfort delivers cyber insurance coverage powered by its industry-leading cybersecurity platform. It gains unparalleled visibility into your digital risks by deploying its solutions across your network.
It uses that visibility and expertise to craft tailored cyber insurance policies backed by proactive security controls. The result is comprehensive financial and operational protection for your business.
With Silverfort, you get cyber insurance coverage designed for today’s threat landscape. You tap into a partnership focused on reducing your cyber risks through a fusion of insurance and security.
Most of all, you gain the confidence that comes with working with the leader in cyber insurance solutions. For modern, affordable, and complete coverage, Silverfort is the key.
The Growing Need for Cyber Insurance
Cyber threats are rising, with attacks becoming more frequent and sophisticated. As businesses increasingly digitize sensitive data and operations, the potential impact of a cyber incident also grows. Cyber insurance now serves as a method for companies to shift a portion of the financial liability connected to cyber incidents.
Cyber insurance policies cover expenses resulting from data breaches, malware infections, distributed denial of service attacks, and other cyber threats. Policies typically cover costs like legal fees, forensic investigations, customer notifications, public relations campaigns, and penalties or fines. Some policies also provide coverage for lost revenue or business interruption resulting from cyber attacks.
As cyber risks intensify, the cyber insurance market is expanding rapidly. Research suggests the global cyber insurance market could reach $20 billion in premiums by 2025, up from $4 billion in 2019.
Yet, the cyber insurance market continues to be comparatively modest in size when related to sectors such as property or liability insurance. Many businesses still do not have a cyber insurance policy, leaving them exposed in the event of an attack.
Cyber insurance can help reduce risks, but policies vary significantly between providers. When evaluating cyber insurance, organizations should consider factors like coverage limits, exclusions, premiums, and the insurer’s expertise in cyber risk.
Partnering with a knowledgeable insurance broker and carrier is key to securing a policy tailored to an organization’s unique
cyber dangers and needs.
As cyber threats persist, the significance of cyber insurance as a means to manage risks and respond after incidents will only increase. Organizations that fail to put adequate cyber insurance coverage in place do so at their peril in today’s digital world.
Through the transfer of cyber risks to an insurance provider, businesses can prioritize their core operations with enhanced confidence and security.
Gaps in Traditional Cyber Insurance Coverage
Traditional cyber insurance policies typically only cover costs associated with data breaches, such as notification and credit monitoring for affected individuals. However, several gaps in coverage leave organizations exposed. First, traditional policies do not account for business interruption. A cyber attack can disrupt operations for an extended period, resulting in significant revenue loss.
According to a study by Accenture, the average cost of downtime from a cyber attack is over $500,000 per day. Second, reputational damage is difficult to quantify but can have a major financial impact. After an attack, an organization may experience a decline in customer base, partner relationships, and employee morale.
Rebuilding trust and reputation requires time and resources not covered under standard cyber policies. Third, traditional approaches need to cover the costs of upgrading security infrastructure and processes to prevent future attacks. Implementing advanced solutions like multi-factor authentication, data encryption, and AI-powered threat detection requires a sizable investment that organizations must fund themselves.
Finally, standard cyber insurance does not provide coverage for liability arising from hacked personal data or intellectual property. If hacked data is used to harm others or stolen IP ends up in competitors’ hands, legal costs to defend the organization and settle claims can be substantial.
In summary, while traditional cyber insurance policies provide some protection, they contain significant coverage gaps that expose organizations to major financial risks from cyber attacks.
Comprehensive policies that address business interruption, reputational damage, security improvements, and legal liability offer broader protection for cyber threats in today’s digital world.
How Silverfort Fills the Gaps in Cyber Insurance
Silverfort provides comprehensive cyber insurance coverage by filling in gaps that traditional policies may miss. Their innovative approach focuses on three key areas:
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Proactive Cyber Risk Management
Silverfort doesn’t just provide coverage after an incident occurs. They take a proactive approach to help reduce risk before a cyber attack happens. Their cyber risk consultants work with you to evaluate vulnerabilities in your systems and processes to determine where improvements can
Be made to strengthen your cyber security posture overall. By taking recommended actions to patch vulnerabilities, you can lower premiums and minimize the impact of future cyber events.
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Automated Threat Detection
Silverfort utilizes advanced AI and machine learning to continuously monitor for threats across your digital infrastructure, including networks, endpoints, cloud, IoT and OT systems. Their technology is always on alert for anomalies that could indicate ransomware, data breaches or other cyber risks.
By detecting threats early, Silverfort can help minimize damage and ensure a quick response and recovery. Their automated threat detection also provides another layer of protection beyond traditional preventative measures like antivirus software.
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Comprehensive Post-Incident Response
If a cyber attack still occurs despite best efforts, Silverfort’s insurance provides coverage for necessary response and recovery costs. Their skilled teams for incident response move quickly to pinpoint the source and scale of the attack, confine the threat, and manage any ensuing harm.
Forensic investigations, legal counsel, PR crisis management, and victim notification expenses are covered. Silverfort also covers costs to restore systems and data to get your organization back up and running as quickly as possible. By handling the response, you can focus on running your business while Silverfort works to resolve the cyber incident.
In summary, Silverfort’s innovative cyber insurance solution helps reduce risk, detects threats faster, and provides comprehensive support in the event of an attack so you can feel more confident in your cyber security and coverage. Their proactive and automated approach fills in gaps that more than standard insurance is needed.
Comprehensive Cyber Risk Protection With Silverfort
Silverfort offers comprehensive cyber risk protection for businesses. Their robust cyber insurance coverage includes:
1. Incident Response
In the event of a cyberattack, Silverfort provides immediate incident response services. Their cybersecurity experts will work to determine the nature and scope of the attack, contain it to prevent further damage, and eliminate remaining threats.
Silverfort also covers the costs of notifying affected parties and offering credit monitoring services for customers if personal information is accessed. They handle public relations to mitigate damage to your reputation.
2. Business Interruption
If a cyberattack disrupts your operations, Silverfort insurance covers the costs of business interruption, like loss of income and operating expenses. Thus, it ensures your company remains solvent even after a catastrophic cyber event.
3. Regulatory Fines
Silverfort covers regulatory fines and penalties that may result from a data breach in order to avoid legal consequences. Their policy protects against costs from HIPAA violations, GDPR non-compliance in the EU, and other regulatory issues.
4. Cyber Extortion
In the case of cyber extortion like ransomware attacks, Silverfort covers the costs of the ransom payment, if necessary, to decrypt your systems and data. They will also cover the fees for negotiators and facilitators to handle the ransom demand and response.
5. Remediation
Silverfort insurance covers costs to restore systems and data after an attack. This includes the fees for technical teams to remove malware, decrypt files, rebuild servers, and restore backups to get your business operating normally again.
With a policy from Silverfort, companies gain full protection against the wide range of threats in today’s digital landscape. Their comprehensive yet customizable cyber insurance coverage gives businesses of all sizes the security to operate with confidence.
Getting Started With Silverfort’s Innovative Cyber Insurance Solution
To get started with Silverfort’s innovative cyber insurance solution, here are a few steps you will need to take.
★ Assess Your Risk Profile
Initiating a thorough evaluation of your company’s cyber risk profile is the initial step. It includes evaluating your data assets, security controls, and potential vulnerabilities. Silverfort can provide guidance on key areas of focus for the assessment. The risk profile will help determine appropriate coverage limits and premiums.
★ Review Policy Options
With your risk assessment in hand, you can review Silverfort’s policy options to determine what level and type of coverage is right for your needs. Options include first-party coverage like data breach response, third-party coverage such as privacy liability, and speciality coverage for risks like business interruption. The range can be tailored to your specific risks.
★ Complete the Application
To apply for a Silverfort cyber insurance policy, you will need to provide information, including details on your technical infrastructure, security programs, employee data handling procedures, and compliance with regulations. Silverfort’s application process is designed to be as efficient as possible while still capturing the necessary details to properly underwrite your policy.
★ Policy Implementation and Services
Once your application is approved and policy implemented, Silverfort provides ongoing services to help maximize the value of your coverage. This includes:
( i) Cyber risk management resources
(ii) access to preferred vendors in areas like breach response and legal counsel
(iii) participation in Silverfort’s simulated breach exercises.
Silverfort aims to provide comprehensive yet affordable cyber insurance coverage to organizations of all sizes. By following these steps to gain a thorough understanding of your risks, reviewing all policy options, and completing the streamlined application process, you can obtain coverage tailored to your needs and budget. Silverfort is there as your trusted partner before, during, and after a cyber incident.
Conclusion
With cyber threats increasing exponentially, comprehensive cyber insurance is critical for organizations of all sizes. By partnering with Silverfort, companies can take a proactive approach to cyber risk mitigation and gain access to affordable, tailored cyber insurance policies.
Their innovative platform leverages AI and automation to continuously discover and remediate identity and access-related risks across complex IT environments. It dramatically reduces the attack surface and risk of breach, ultimately lowering premiums.
While no solution can prevent all cyberattacks, Silverfort provides unparalleled visibility and control over identity and access – the number one vector for data breaches and cybercrime today. By implementing their cutting-edge platform, organizations worldwide are able to close security gaps, gain valuable insights, and make strategic risk management decisions.
With cyber risks on the rise, now is the time to evaluate how Silverfort can strengthen your security posture, streamline compliance, and enable comprehensive cyber insurance coverage for your business. The future is uncertain, but with the right tools and partners, you can face the challenges ahead with confidence.
