Cyber insurance coverage Silverfort is one of the major considerations by organisations when assessing their cyber risk today. In this paper, we will discuss why deploying the Silverfort Identity Security Platform platform can put you in a far better position to get cyber insurance, compliance requirements, and improve your security posture.
The Rationale of Cyber Insurance Coverage Silverfort
Cyber insurance is no longer just a nice to have: insurers expect to have serious identity-security measures, especially in the form of multi-factor authentication (MFA) in all important systems.
There are numerous policies that cover the first part and third part: data breach response, legal liabilities, business interruption, ransomware/extortion payments.
The identity management, protection of privileged accounts, as well as prevention of lateral moves are areas of increased scrutiny by underwriters, where legacy MFA can be a weakness.
The Silverfort in fulfilling the insurance needs
Silverfort identity-security platform allows organisations to extend protection of MFA and access-control to on-premises and cloud systems, legacy systems, command-line systems without the use of agents and heavy proxies.
It offers auditing, visibility, service-account discovery and privileged-account management, which are all factors that insurers consider when issuing cyber liability policies.
When you mention cyber insurance coverage Silverfort, in essence, you are addressing how Silverfort assists you to qualify, maintain and optimise coverage of cyber-insurance by fulfilling the conditions of the insurers.
The main characteristics of Silverfort that enhances eligibility to insurance
MFA on everything
Silverfort will enable you to protect all resources with MFA: cloud SaaS, on-prem servers, legacy applications, command-line tools (e.g., PowerShell, PsExec) and infrastructure devices.
Common insurance requirements by insurers include remote network access, backup environments, end points, file shares, network infrastructure MFA. All these are covered by Silverfort.
Privileged-access and service-account visibility
Most of the breaches are linked to the misuse of non-human or service account (e.g., system accounts, accounts without MFA). Silverfort assists in finding them, and implementing controls.
In the case of the insurers, the capability to catalog and secure privileged accounts is turning into an obligatory requirement.
No agent, no proxy architecture
Since Silverfort operates in the identity-provider layer, and does not install agents on every resource, it is much faster and less disruptive to deploy, and can protect systems that are difficult to protect.
The agility assists organisations to meet insurance renewal dates or underwriting requirements in a short period.
Compliance-compliant reporting and assessment
Silverfort introduces a special cyber insurance assessment tool that allows analyzing your coverage gaps and shows compliance preparedness.
This documented assessment would be useful in the insurance application process as it would show that you have a solid identity-security posture.
The Use of Silverfort in securing and sustaining cyber insurance coverage
1. Carry out the audit of identity-security
Determine all human identities, non-human identities, service accounts, and authentication interfaces.
Assess Silverfort in order to generate a gap-analysis.
2. Implement MFA and access controls everywhere through Silverfort
Apply MFA to every resource, even tricky resources (command-line tools, legacy apps, etc.).
Set up privileged account policies and service account policies.
3. Create reporting and control evidence
Create documentation, reports as well as documentation that MFA, privileged-access controls and monitoring are active- a major input in insurance underwriting.
4. Purchase or renew your cyber insurance policy
Show your insurer/broker your controls, documentation and Silverfort assessment to show your eligibility to better terms.
5. Ensure continuous compliance
Periodically assess identity risk, refresh controls, watch lateral-movement or credential-theft attempts to maintain a valid coverage and favourable premiums.
Advantages of Selecting the Cyber Insurance Coverage Silverfort
Better access to cyber insurance: Since insurers are demanding more identity-centric controls, it is possible to have better underwriting eligibility by using Silverfort, and creates a lower risk of being rejected.
Possible premium discounts: Organisations that have good security practice, such as universal MFA, identity visibility and monitoring usually negotiate a lower premium or increased coverage.
Less attack-surface and risk: Helping to protect formerly difficult-to-defend systems (legacy applications, CLI tools, service accounts) proactively reduces risk in your organisation- and insurers prefer lower-risk customers.
Reduced deployment time and business-process disruption: Agentless architecture implies that you can move with haste to meet insurance deadlines with the minimum business-process disruption.
Greater audit preparedness / documentation: Reporting and assessment are inbuilt so you are better prepared in case of audits, policy renewals and scrutiny by insurers.
Considerations, Best Practices
No silver-bullet to all dangers
Although Silverfort significantly enhances identity security and eligibility to insurances, it will not replace other critical controls (e.g., endpoint protection, network segmentation, data encryption).
Your emergency exit plan, overall security architecture, and preparedness to respond to incidents and risk-management practices will be also assessed by underwriters.
It is still necessary to plan deployment
Though it is agentless, deploying Silverfort requires the right planning is necessary; inventorying systems, mapping identities, setting up policies. This is underestimated by some of the organisations.
Engage the experienced partners and make sure you can see what is going on around you: any unknowns under the label of shadows or service accounts can become an obstacle to insurance eligibility.
Ensure continuous compliance
Insurance policies are sometimes known to be on-going in nature rather than an act which needs to be taken once. You have to oversee, report and control over time.
Record your control-maintenance processes- to insurers continuous vigilance is more important than point in time controls.
FAQs
Q1: What is the meaning of cyber insurance coverage Silverfort?
A1: A1 means implementing the Silverfort identity-security platform to meet cyber-insurance underwriting provisions, in particular, MFA, privileged-account controls, and identity monitoring, in order to be eligible to or continue to have cyber-liability insurance coverage.
Q2: Can I have a better premium by using Silverfort?
A2: It is not guaranteed, but organisations with strong controls on identity, which demonstrate compliance and risk mitigation tend to receive better terms and lower premiums. Silverfort assists in delivering documentation and controls underlying those enhancements.
Q3: Is Silverfort able to secure any kind of system that insurers need?
A3: Yes, Yes, Yes–Silverfort asserts on-premises, cloud, legacy applications, command-line tools and infrastructure devices -all of which demands of insurers are on the rise.
Q4: What is the fastest way to roll out Silverfort to renew insurance?
A4: An environment of any size and complexity takes time to be deployed, though due to the agentless, proxyless nature of Silverfort, it can sometimes be deployed more quickly than legacy solutions- getting you the insurance documents you had to submit before the deadline.
Q5: What is the process I should follow in presenting the evidence of Silverfort to my insurer?
A5: Assess Silverfort’s cyber-insurance with the view to spotting gaps and produce reporting; and incorporate: (i) identities and service-accounts inventory, (ii) MFA-coverage map, (iii) privileged-access policy enforcement, (iv) audit logs and monitoring strategy, and (v) ongoing review/maintenance plan.
