Put together, shield, reply | Insurance coverage Enterprise America
Nowadays, cyber insurance is a necessity, not a nice-to-have. Cyber risks are increasingly becoming one of the greatest threats to businesses. At AXIS, we help companies become more resilient to cyber threats. So that they work without interruption. Prepare, Protect, Respond is our three-pronged approach to helping organizations use technology safely by covering the cost of cyber incidents while reducing their likelihood and impact through a comprehensive list of pre- and post-incident services.
To prepare for cyber threats, first imagine what happens to a client if an unauthorized person gains access to its systems. Maybe they are hacking into their customers’ data through their website. Now think about the possible outcomes – whether the customer was prepared and recognized the break-in early on, or whether the attack went undetected for weeks or even months.
For this reason, we recommend not just creating an incident response plan, but having it practiced on a regular basis. Customers should also implement cybersecurity controls that include at least multi-factor authentication, off-site backup, and the ability to restore business-critical data and systems in less than 10 days. It’s important to back this up with cybersecurity training and awareness for all employees. You are the first line of defense and should be able to spot the signs of a cyber incident and respond.
A company is likely to have problems when its website or internal systems are down. The consequences can range from damage to reputation to serious financial losses. That is why it is important to have the right insurance coverage and support. Cyber insurance can play an important role in improving business resilience and minimizing business disruption. In addition to covering the usual cyber risks, cyber insurance offers access to specialized response services. These can make the difference whether a company is up and running again quickly after an incident or not at all.
Start by thinking about the specific risks your customer is facing. Make sure you choose a product that addresses these risks. The best way to do this is to partner with a strong insurer. One with proven cyber experience, especially when it comes to paying for claims. It is also important to integrate cyber insurance and risk management to minimize the impact of a cyber incident.
At AXIS we offer more than just insurance. We share our expert knowledge. We offer training and thought leadership to increase awareness and readiness for cyber attacks. The better prepared a customer is, the better they can react. That’s why we offer a range of cyber risk management services to help companies reduce their risk and increase their resilience.
When cyber incidents occur, we help companies navigate and react quickly, helping them recover beyond just claims. The first step is to access the Incident Response Plan. Then inform the insurance broker, broker or insurer about a possible damage – always remember that time is of the essence. The sooner they know, the sooner they can take the appropriate action. For example, if specified in their policy, a client can access specialist advisors and services like IT forensics to understand how the incident happened and PR crisis communications to manage any publicly available news.
Support your customers with AXIS
Prepare, protect, and respond. The three most important stages in unraveling the secrets of cyber resilience. To learn more and learn how we can help your customers develop cyber awareness and be prepared for potential threats, follow the link.