Basics of Cyber Insurance Coverage: Silverfort

## introduction 

Basics of Cyber Insurance Coverage: Silverfort

Cyberattacks and data breaches are becoming more frequent and severe, posing significant threats to businesses of all sizes and industries. In this post, we will explore what cyber insurance is, why it is important in the digital age, and how Silverfort, a leading provider of unified identity protection, can help you get the best cyber insurance coverage for your organization.

## What is cyber insurance?

Cyber insurance is a type of insurance that covers the financial losses and expenses that an organization may incur as a result of cyber incidents, such as hacking, ransomware, data theft, denial-of-service attacks, and more. Cyber insurance can also help with the recovery and remediation process, such as paying for the investigation, notification, legal, and public relations costs.

Cyber insurance is different from traditional insurance policies, such as property or liability insurance, because it covers the risks and damages that are specific to the cyber domain. For example, cyber insurance can cover the loss of income and operating expenses that result from a network interruption or downtime caused by a cyberattack, which may not be covered by other types of insurance.

## Why is cyber insurance important?

Cyber insurance is important because it can help organizations mitigate the impact and consequences of cyberattacks, which can be devastating and costly. According to a report by IBM, the average cost of a data breach in 2020 was $3.86 million, and the average time to identify and contain a breach was 280 days. Moreover, cyberattacks can damage an organization's reputation, customer trust, and competitive advantage, as well as expose it to legal liabilities and regulatory fines.

Cyber insurance is especially important in the digital age, as organizations rely more on technology and data to operate and innovate. The COVID-19 pandemic has accelerated the digital transformation of many businesses, as they have adopted remote work, cloud services, and e-commerce platforms. However, this also increases the exposure and vulnerability of organizations to cyber threats, as they have to deal with more devices, networks, applications, and users.

Therefore, cyber insurance is not only a way to transfer the risk of cyber incidents but also a way to enhance the security and resilience of organizations. By having cyber insurance, organizations can demonstrate that they are prepared and proactive in managing their cyber risks and that they have access to the resources and expertise to respond to and recover from cyber incidents.

## What is Silverfort?

Silverfort is a cybersecurity company that offers a unified identity protection platform that enforces secure authentication on all users, resources, and protocols in the on-premises and multi-cloud environments. By connecting with all the identity providers in your environment, Silverfort enables secure authentication for every resource, whether it is on-premises or in the cloud. Silverfort also protects service accounts, detects and blocks ransomware attacks, and consolidates hybrid IAM platforms with a Zero Trust approach.

Silverfort is a leader in the cybersecurity industry, having won numerous awards and recognition, such as being named a Gartner Cool Vendor in Identity Access Management and Fraud Detection, a Forrester New Wave Leader in Zero Trust Network Access, and a CNBC Upstart 100 company.

## What are the Basics of Cyber Insurance Coverage?

Cyber insurance coverage can shift contingent upon the supplier and the arrangement, yet there are a few key parts that are commonly remembered for most cyber insurance strategies. These are:

• Information break coverage: This takes care of the expenses of telling the impacted clients, giving credit checking and wholesale fraud assurance benefits, and consenting to the pertinent information insurance regulations and guidelines.
• Business interference coverage: This covers the deficiency of pay and working costs that result from organizational interference or personal time brought about by a cyberattack or a security disappointment.
• Cyber coercion coverage: This takes care of the expenses of examinations to decide the reason for the blackmail danger and to settle the blackmail interest, like paying the payoff or employing a moderator. 
• Occurrence reaction and examination coverage: This takes care of the expenses of holding legitimate IT criminology and advertising administrations to help with overseeing and moderating a covered cyber episode. 
• Computerized media content obligation coverage: This covers the harms and safeguard costs caused by a break in outsider licensed innovation or carelessness regarding electronic substances like sites, websites, virtual entertainment, and so forth.

## What are the Specifications of Silverfort's Cyber Insurance Offerings?

Silverfort has partnered with several leading cyber insurance providers, such as AIG, Chubb, and Fortinet, to offer its customers the best cyber insurance coverage for their needs. Silverfort's cyber insurance offerings have two main advantages:

• Integration with Silverfort's solutions: Silverfort's customers can leverage the data and insights from Silverfort's platform to assess their cyber risk exposure, optimize their cyber insurance coverage, and reduce their cyber insurance premiums. Silverfort's platform also enables customers to meet the cyber insurance requirements and recommendations, such as enforcing multi-factor authentication (MFA) and zero trust policies on all their resources and users. 
• Enhanced security measures: Silverfort's customers can benefit from the complimentary tools and services that Silverfort provides to help them prevent cyber losses from occurring, such as risk assessment, security awareness training, threat intelligence, and incident response. Silverfort also helps customers detect and respond to cyber threats in real time by using adaptive MFA and blocking to stop account takeover, lateral movement, and ransomware propagation.

## What Are the Benefits of Silverfort's Cyber Insurance Coverage?

• Silverfort's cyber insurance coverage can help customers achieve the following benefits: Strengthening cybersecurity posture: Silverfort's customers can improve their cybersecurity posture by implementing Silverfort's unified identity protection platform, which provides comprehensive and consistent security across all their resources and users. Silverfort's platform also helps customers adopt a zero-trust approach, which assumes that no user or device is trusted by default and verifies every access request based on multiple factors, such as identity, context, behavior, and risk. 
• Mitigating financial risks: Silverfort's customers can mitigate the financial risks of cyber incidents by having cyber insurance that covers the potential losses and expenses that they may incur. Silverfort's customers can also reduce their cyber insurance premiums by demonstrating that they have implemented Silverfort's solutions, which reduce their cyber risk exposure and increase their security maturity.
• Streamlining incident response: Silverfort's customers can streamline their incident response process by having access to Silverfort's incident reporting hotline and on-demand vendors, which can provide them with 24/7 support and guidance in the event of a cyber incident. Silverfort's customers can also leverage Silverfort's platform to quickly identify and contain the source and scope of the cyber incident and to restore their normal operations as soon as possible.

## What are some case studies or examples of Silverfort's cyber insurance coverage?

Silverfort's cyber insurance coverage has helped many customers across different industries and regions protect their businesses from cyber threats and recover from cyber incidents. Here are some examples of real-world scenarios highlighting the effectiveness of Silverfort's cyber insurance coverage:

• A global manufacturing company was hit by a ransomware attack that encrypted its files and demanded a $10 million ransom. The company had cyber insurance coverage with AIG, which integrated with Silverfort's platform. Silverfort detected the ransomware attack and blocked its propagation by enforcing MFA on the command-line access tools that the attackers used. Silverfort also helped the company restore its data and resume its operations without paying the ransom. AIG covered the costs of the incident response and investigation and also reduced the company's cyber insurance premium by 20% due to its use of Silverfort's solutions. 
• A regional bank was targeted by a phishing campaign that compromised the credentials of several employees and customers. The bank had cyber insurance coverage with Chubb, which partnered with Silverfort. Silverfort identified the phishing campaign and alerted the bank, which notified the affected users and advised them to change their passwords. Silverfort also prevented the attackers from accessing the bank's systems and data by applying zero-trust policies and risk-based authentication. Chubb covered the costs of the customer notification and credit monitoring services and also offered the bank a free security awareness training program powered by Silverfort.
• A healthcare provider was sued by a patient who claimed that his personal and medical information was leaked online due to the provider's negligence. The provider had cyber insurance coverage with Fortinet, which collaborated with Silverfort. Silverfort investigated the claim and found that the patient's information was not leaked by the provider but by a third-party website that the patient had visited. Silverfort also helped the provider prove that it had taken all the necessary security measures to protect its data, such as encrypting, backing up, and monitoring its data. Fortinet covered the costs of the legal defense and settlement and also provided the provider with digital media content liability coverage that protected it from similar claims in the future.

## Conclusion

Cyber insurance is a vital component of any organization's cybersecurity strategy, as it can help them cope with the impact and aftermath of cyber incidents, which can be devastating and costly. However, cyber insurance is not a substitute for cybersecurity but a complement to it. Therefore, organizations should also invest in the best cybersecurity solutions and practices that can prevent and mitigate cyber threats, such as Silverfort's unified identity protection platform.

Silverfort's cyber insurance offerings can help organizations get the best cyber insurance coverage for their needs by integrating with Silverfort's solutions, enhancing their security measures, and providing them with various benefits, such as strengthening their cybersecurity posture, mitigating their financial risks, and streamlining their incident response. Silverfort's cyber insurance coverage can also help organizations demonstrate their security maturity.

and readiness, and gain a competitive edge in the digital age.