What are the best practices for creating a cybersecurity policy for your insurance company?

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Cybersecurity is a critical issue for any insurance company, as it involves protecting sensitive data, complying with regulations, and preventing costly breaches. A cybersecurity policy is a document that defines the roles, responsibilities, and rules for managing cyber risks and incidents. It also outlines the goals, scope, and standards for the cybersecurity program. In this article, we will share some best practices for creating a cybersecurity policy for your insurance company.

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1 Assess your risks

The first step in creating a cybersecurity policy is to identify and evaluate the potential threats and vulnerabilities that your insurance company faces. You can use a risk assessment framework, such as NIST or ISO, to guide you through this process. You should consider factors such as the type, volume, and value of data you handle, the systems and networks you use, the regulations and contracts you must comply with, and the impact of a cyberattack on your operations, reputation, and customers.

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Joseph S. Erle, MBA, CIC, CRM, TRA

Cyber Insurance | Getting Businesses Secured and Insured
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Work with a qualified cyber security consultant to identify your companies strengths, weaknesses, and critical vulnerabilities. Ask yourself, "where's my data? Is it safe? Where are the back ups of my data? Is it safe? etc. After you do that, you can worry about endpoint detection, and other tactical cyber security programs.

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2 Define your objectives

The next step is to define the objectives and scope of your cybersecurity policy. You should align your policy with your business goals, mission, and values, as well as with the expectations and requirements of your stakeholders, such as customers, regulators, partners, and employees. You should also determine the scope of your policy, such as which assets, processes, and functions are covered, and how it relates to other policies and procedures in your organization.

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Joseph S. Erle, MBA, CIC, CRM, TRA

Cyber Insurance | Getting Businesses Secured and Insured
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Find a specialist in cyber security that can benchmark your company against your competitors. The agent should be able to tell you: -What limits your competitors are buying -Average cost of a breach or ransomware event (1 in every 10 year events) -Worst case scenarios (1 in every 50 year type events) -Suggest limits based on your industry and size

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3 Establish your roles and responsibilities

The third step is to establish the roles and responsibilities for implementing and maintaining your cybersecurity policy. You should assign clear and specific tasks and duties to different individuals and teams, such as the IT department, the security team, the management team, and the employees. You should also define the reporting lines, escalation procedures, and communication channels for cyber incidents and issues. You should also provide training and awareness programs to educate your staff on the policy and their obligations.

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Joseph S. Erle, MBA, CIC, CRM, TRA

Cyber Insurance | Getting Businesses Secured and Insured
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This starts at the beginning when you are negotiating your cyber policy. Wouldn't it be great to be able to use your own people if you had an cyber event? Table top exercises are also a must. Involve all departments and outside vendors you would if you were to have an actual cyber event.

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4 Set your rules and standards

The fourth step is to set the rules and standards for your cybersecurity policy. You should specify the minimum requirements and best practices for securing your data, systems, and networks, such as encryption, authentication, backup, firewall, antivirus, and patching. You should also define the acceptable and unacceptable behaviors and activities for your staff, such as password management, email usage, remote access, and social media. You should also establish the monitoring and auditing mechanisms for measuring and verifying compliance.

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5 Plan your incident response

The fifth step is to plan your incident response for your cybersecurity policy. You should prepare a detailed and comprehensive plan for how to detect, contain, analyze, resolve, and recover from a cyberattack. You should also identify the roles and responsibilities of the incident response team, the tools and resources they need, the steps and actions they must take, and the timelines and milestones they must follow. You should also define the notification and reporting procedures for internal and external stakeholders.

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6 Review and update your policy

The final step is to review and update your cybersecurity policy regularly. You should evaluate the effectiveness and relevance of your policy based on the feedback, data, and results from your monitoring and auditing activities. You should also consider the changes and developments in your business environment, such as new technologies, regulations, threats, and opportunities. You should also solicit and incorporate the input and suggestions from your staff and stakeholders to improve your policy.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Mercy Komar, CIC, CyRM, MLIS, CCIS

INSURANCE IS SEXY— Grand Dame of Insurance, Cyber Diva, Speaker of All Things Insurance Havemercycyber.com
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As an insurance agency owner, protecting the thousands of clients personal information is a large issue. It demands all of the above considerations and a multi-million dollar cyber risk policy to cover your liability and your first party coverage such as crime and business interruption. None of this is easy. Make sure you have a qualified MSP to work with and absolutely put training the employees at the top of the list. They are your biggest asset and your biggest liability.

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What are the best practices for creating a cybersecurity policy for your insurance company?

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1 Assess your risks

2 Define your objectives

3 Establish your roles and responsibilities

4 Set your rules and standards

5 Plan your incident response

6 Review and update your policy

7 Here’s what else to consider

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