Cyber insurance is essential for any internet-based business. At your last policy review, it may have included coverage for software vulnerabilities - which you may or may not understand what they are! In this article we explain these vulnerabilities as well as ways to minimize costs related to them.
Cyber insurance provides essential protection from common risks.
Failure of network security could result in class action lawsuits and fines for breaches of privacy or standards legislation.
Business interruption can be devastating. With constantly evolving cyber threats and insurance providers updating policies to include risk areas and software vulnerabilities that were missed earlier on in time - what does that mean for your company?
What constitutes software vulnerabilities that have been neglected?
It's essential that software remains up-to-date; as you are responsible for safeguarding the system and monitoring for potential security threats and vulnerabilities. The National Vulnerability Database (NVD), an international database containing known threats and their solutions, informs companies about known issues.
Patching vulnerabilities is essential for protecting business losses. Before installing any updates, however, be sure that they meet both compatibility and capability criteria.
Many insurers provide 45 days for you to address a vulnerability after publishing it in an NVD report. Neglect is considered failing to address a known risk, so any longer that this vulnerability remains ignored, the greater will be your liability for its consequences.
Costs associated with an unresolved software vulnerability
Software vulnerabilities can result in network downtime, business disruption and liability claims. Therefore, it's essential to take precautionary steps against them. You may require:
IT Forensics; Data Restoration
Legal Costs Loss of Profit, Identity Monitoring and Restoration.
Insurance providers cover software vulnerabilities that are left neglected on a sliding-scale. You're expected to patch a vulnerability as soon as it becomes aware - waiting will increase costs accordingly.
Chubb, for instance, transfers more risk to policyholders at 46, 91 181 366 36 days and beyond. Insurance limits begin at $1 Million with coinsurance of zero percent; coverage falls to $500,000 after 46-90 day neglect with coinsurance of five percent.
Software Vulnerabilities: How to Address Them
Cybercriminals continue exploiting vulnerabilities that are publically known, because organizations fail to upgrade and patch against known risks.
As soon as your company adds new applications, merges with another organization or allows employees to bring personal devices into work, its attack surface increases significantly. You are especially susceptible if using legacy software which has reached end of life.
Scan your software for vulnerabilities to identify where there may be vulnerabilities. Prioritize which patches to implement first and determine which systems are mission critical before applying patches.
Do not attempt to identify or mitigate vulnerabilities alone if you lack the expertise. Managed service providers offer software updates which protect against exploitable software flaws. Reach out today at (404) 932 5940 and find out more!
