NJ Cyber Insurance Readiness Package

Cyber incidents are growing and so are rates and requirements of cyber insurance providers.  In order to obtain the best coverage at the best rates, carriers are looking to make sure you have effective controls in place to reduce risk.  In response, BMT has created a Cyber Insurance Readiness Package.  We’ve listed the basic practices carriers are looking for, in addition to what is needed to receive the best-priced market coverage options.  BMT clients have the necessary security requirements in place to receive the best possible coverage.  Contact us to learn more!
  • EMAIL SECURITY
    Turn on Multifactor Authentication

Recommended for Best Rates:
-Deploy an email protection solution to prescreen emails

  • BACKUPS
    -Deploy offsite or cloud backups for all critical data and systems
    -Assure those critical systems, applications and processes can recover in <10 days

Recommended for Best Rates:
-Use backups that continuously test restore to a virtual machine
-Use “immutable backups” that cannot be changed

  • NETWORK SECURITY
    -Deploy Multi-factor Authentication for all admin access and on any remote access
  • PATCHING
    Recommended for Best Rates:
    -Have a formal 30-day patching cadence, with critical and zero-day patching applied within 7 days
  • ENDPOINT SECURITY

Recommended for Best Rates:
-Deploy an endpoint detection and response solution

  • ENCRYPTION
    -If the applicant is a retailer, restaurant or online retailer, deploy end-to-end or point-to-point encryption on all point-of-sale terminals

Recommended for Best Rates:
-Encrypt all sensitive information at rest
-Encrypt all sensitive information on mobile devices & laptops

  • SECURITY AWARENESS TRAINING
    Recommended for Best Rates:
    -At least annually, provide security awareness training for all staff
    -At least annually, training for executives and key personnel on fraudulent transfer schemes
  • PROCESSES AND PROCEDURES FOR WIRES AND FUNDS TRANSFERS
    -Put in place controls that require all funds and wire transfers over $25k to be authorized and verified by at least two employees before execution

Recommended for Best Rates:
-Prevent unauthorized employees from initiating wire transfers
-Verify vendor/supplier bank accounts before adding them to accounts payable systems
-Require out-of-band authentication before the execution of all electronic payments