Are you among the many companies taking a closer look at the expenses tied to cyber insurance policies? It's no surprise, given the surge in high-profile breaches and escalating payout situations. As a result, you might have noticed your insurers imposing steeper premiums, often accompanied by a reduction in coverage.
Imagine this: wouldn't it be incredible if you could fortify your cyber defenses to effectively prevent the possibility of voided policies? That's precisely the advantage continuous penetration testing, often referred to as pentesting, provides.
By regularly putting your systems to the test, you're building resilience, almost like exercising your muscles to ward off injury. The result? Robust cyber defenses that could potentially save you heartache and hefty insurance costs down the line.
According to the "2023 State of Cyber Insurance" 2023 State of Cyber Insurance by Delinea, 43% of companies would void there insurance coverage for insufficient security controls in place. Have you ever wondered about the importance of having the right security controls in place? Well, it's crucial not only for maintaining your coverage but also for replicating adversary activities by doing your own recon and discovery. This way, you can keep tabs on your company's external attack surface and prevent any instances where your policy could be voided. It's like having a guardian angel who keeps a watchful eye on your cyber boundaries, ensuring that all is safe and sound.
Surprisingly, internal bad actors were the next significant reason for insurance coverage being nullified. It's interesting to note that the misconfiguration of IT systems, coupled with human error, holds the third position in causing policy cancellations. In fact, misconfigurations were responsible for a whopping 38% of situations that resulted in a security breach. Misconfiguration is a common finding during a penetration testing engagement. Looking for unknown assets or misconfigured assets in either network, application, or cloud assets can reduce the exposure time for any organization. The compliance approach to pentesting leaves organizations exposed to voiding the insurance coverage they maintain by delays or lack of timely patching from the large quantities of new vulnerabilities.
The catch all of a cyber insurance policy is being recommended by the board 36% of the time per Delinea and is leading to at a minimum one new security solution addition for 96% of policy holders. Cyber Insurers are evaluating an organization’s security risk profile, which checks for regular penetration testing and vulnerability scanning. They routinely request penetration test reports to evaluate and document security controls.
Maintaining a positive baseline of the external attack surface is key to mitigating these attacks before they cause an incident. Remediation is the goal of the insurer and policy holder.
Imagine having the ability to address and rectify your system's vulnerabilities before they even become an issue during an audit or cyber incident. That's the power of Pentesting! This proactive approach significantly enhances your risk posture, tackling critical vulnerabilities as they arise rather than waiting for an audit to highlight them.
Think about the relief you'd feel knowing that the period for resolving these vulnerabilities could drop from months, or even longer, to just a few days. That's the potential when you incorporate continuous Penetration Testing Services into your cybersecurity strategy. As new vulnerabilities are weaponized, you're already on the frontline, ready to combat them.
But there's more. Pairing pentesting with ASM Attack Surface Management, you're creating a robust defense system that can keep hackers off your external attack surface. Not only does this protect your networks, but it also provides comprehensive documentation that can be a lifesaver when it comes to maintaining your cyber insurance policies. Yes, pentesting can indeed help lower your cyber insurance costs!
It's fascinating to see how the act of applying for cyber insurance has significantly transformed the way companies fortify their defenses against organized cyber crime groups. Amazingly, we've witnessed a whopping 21X surge in the application timeline compared to previous years, signaling a heightened due diligence by policy holders. However, this uptick also means a lengthier application process, which can span up to six months for companies applying for coverage.
The 'rejection' stamp is also becoming more frequent. A staggering 28% of Small and Medium Businesses (SMBs) are facing insurance denials, along with 8% of larger organizations. This emphasizes that cyber insurance isn't a one-size-fits-all solution. It's not a perfect fit for every organization, but it serves as a powerful tool in a layered defense strategy, complementing security controls and a robust risk management
Unlock your organization's full security potential and uncover even more vulnerabilities than before by choosing our advanced penetration testing services.
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