Evolution Of Cyber Insurance

Published On: November 8th, 2023


With recent FBI advisories on ransomware and the ever-evolving nature of cyberattacks in general, it should come as no surprise that insurance agencies are increasing their demands from those they cover. Recently, Lloyd’s of London, the globe’s largest and oldest insurance market, informed the world that they will not cover certain state-sponsored cyberattacks. In case you didn’t know, Lloyd’s was responsible for covering space shuttle flights and the Titanic’s maiden voyage, but they have concluded that this aspect of cybersecurity is too risky for their own best interest.

Increased Expectations from Businesses

Policy renewals are coming back with shocking rate increases, and often, these policies cover less than before. For businesses, this means that taking precautionary steps towards handling sensitive data is more important than ever. Specifically, if you are handling data that is subject to compliance measures like the Health Insurance Portability and Accountability Act (HIPAA), the Gramm-Leach-Bliley (GLB) Act, or rules set forth by the FTC, it is critical to make sure that information is safe. Having a managed service provider handling your IT services on an ongoing basis can alleviate the concerns a business may have with being secure. In response to the changing landscape of cybersecurity and insurance changes, employing the assistance of Pittsburgh Computer Solutions can be a wise decision for businesses.

Due Diligence Required

Many companies are relying heavily on their insurance provider to take care of ransomware attacks on their business; but these same providers are now increasing their expectations on those very same businesses. Did you know that many insurers are regularly expecting businesses to demonstrate they have implemented safety measures like MFA (Multi-Factor Authentication), and practices like end-to-end encryption, as well as security awareness training? Our company’s expertise in managing IT services and implementing proper security measures means an organization’s ability to safeguard sensitive data is enhanced.

We Can Help

Luckily for you, the team at Pittsburgh Computer Solutions has the capability to implement necessary measures into your business. Having data backups and disaster recovery plans means in the event your business gets hit, you can keep doing business as usual. Prevention is better than cure. To get more information about how we can help you, call us at (724)942-1337.

Share This Story, Choose Your Platform!