Meet Cyber Insurance Requirements with Securden Unified PAM

Securden Team
Enterprise Password Manager

Rising cyberattack costs demand a sound cyber insurance plan

Cyberattacks can prove to be a costly affair. According to Cybersecurity Ventures estimates, cybercrimes are set to cost IT organizations globally $10.5 trillion by the year 2025. With yet another cyberattack just around the corner, organizations running for cover have found a silver lining in cyber insurance. However, with soaring Cyber insurance costs, organizations are compelled to demonstrate a solid overall security posture that includes robust privileged access security practices to ensure adequate coverage at affordable rates.

Enterprise Password Manager

Cyber insurance qualifications rely on privileged access security

Cybersecurity insurance, also called cyber liability insurance or cyber insurance, aims to reduce the financial risks associated with various online activities and cyberattacks. The insurance policy transfers some of the risks to the insurer.

In general, cyber insurance policies are designed to cover the cybercrime costs associated with damage and destruction of data, theft of intellectual property and business data, and lost productivity due to disruption to the business. In addition, expenses related to forensic investigation, and restoration of hacked data and systems are also covered.

The dynamic and fluctuating nature of cyber risks means a lack of data for the insurers to formulate necessary risk models. Therefore, insurers have set stringent security requirements for organizations before rolling out an insurance cover. The requirements revolve around various forms of network security, data privacy, data backup, cybersecurity awareness, MFA, email security, and endpoint protection measures, among others.

Enterprise Password Manager

Privileged access management - A fundamental requirement

With a vast majority of cyberattacks reported to be happening due to stolen credentials and misuse of privileged access, Privileged Access Management (PAM) has turned out to be one of the major prerequisites for cyber insurance cover. The lack of a robust PAM strategy could result in the outright rejection of requests and policy renewals.

With digitization all around us, the increasing volume of business applications and interconnected devices are opening up vulnerabilities that cyber criminals could exploit, leading to full-blown attacks. Cyber insurers recognize PAM as an effective tool in safeguarding your network and protecting sensitive data.

Meet key PAM requirements or lose approval

With more than 80% of attacks involving passwords, keys, tokens, certificates, and other credentials, insurers have set tight evaluation guidelines in their approval process. When it comes to protecting and managing privileged account credentials and access, the guidelines are very stringent. Some of the critical aspects of the insurer's assessment related to PAM include

  • Consolidating and securing all privileged account credentials - both human and machine identities
  • Deploying multi-factor authentication (MFA) for securing admin and other privileged accounts
  • Enforcing password management best practices at all levels
  • Ensuring tight internal access controls
  • Securing remote access and establishing a zero-trust network access model
  • Regulating and monitoring privileged access
  • Removing unnecessary standing privileges
  • Eliminating local administrator accounts and enforcing the least privilege principle
  • Auditing all activities and generating real-time, actionable alerts
  • Control, monitor, and audit all access to third-parties
  • Having a protected backup of business data, passwords, and other credentials

Organizations are required not just to adopt these practices but also to prove that these practices are strictly followed. Otherwise, they may not qualify for cyber insurance or result in limited and expensive coverage.

Securden Unified PAM helps organizations secure cyber insurance approvals

Securden Unified PAM is an all-in-one solution, housing all aspects of privileged access security. It helps organizations ensure security best practices and land a sound cyber insurance plan. Unified PAM helps organizations meet insurance guidelines with aspects covering all requirements of access security.

Privileged Account/Access Management

Establish a central repository for all the privileged accounts and credentials in your organization. Manage privileged accounts from a secure vault and granularly share access with your users and third parties.

Password Best Practices

Implement password best practices including periodic password rotation, enforcing a password complexity based on policies, and generating strong passwords

Manage Privileged Sessions

Allow users to launch secure one-click access to remote IT assets. Monitor and record all privileged session activity, and get detailed reports.

Manage Endpoint Privileges

Eliminate local administrator rights in Windows endpoints and servers. Elevate applications and commands to enforce least privilege across your organization. Allow users to access applications even when they are offline with access codes.

Vendor Access Management

Manage access to vendors and third parties who interact with sensitive data in your organization. Record all their access details and integrate them with a SIEM solution to obtain actionable insights.

Comprehensive Audits and Reports

Track and trace all privileged activity, accounts, and access to organizational data. Audit all actions carried out by users in your organization and generate detailed reports.

Unified PAM effectively safeguards your network, secures access to data, and protects against cyberattacks. This effectively mitigates the primary risks that cause breaches and demonstrates a strong cybersecurity posture. Giving insurers the confidence to grant cyber insurance approvals.

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Trusted by businesses of all types and sizes across the globe

20th Century Studios
ellwood
Migros
Veeam
Sydney Opera House
Harvard Medical School
Myuscom
Security Federal Bank
Dutrac Community Credit Union
FCI
Benchmark Insurance
Medicover
Fast Med Urgent Care
Americal Board of Internal Medicine
Kdgok Corporation
Topy America
Krafton Union Beach
KLA
Brisbane Markets
Challenge Manufacturing
Incadence
Emerson Impact Partner
Sullivan County Catskills
City Lake Worth Beach
North Sydney Cover
Porsecutor Bergen County
Shawnee Mission
Kern County
DCF-Connecticut
Public Utilities Board

Validated by security experts

IT security specialists from a UK-based firm performed various penetration tests and concluded that Securden is well-built with a top-notch security model. Learn More.

Certified

"The overall security posture of the product is very good, and above the industry standard"

-- Experts from Agile Infosec, London.

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