What is Cyber Insurance Coverage Silverfort? Reviews, Benefits and What You Know Before Buying Cyber Insurance?
What is Cyber insurance?
Cyber insurance is a product that enables businesses to mitigate the risk of cybercrime activity like cyberattacks and data breaches. It protects organizations from the cost of internet-based threats affecting IT infrastructure, information governance, and information policy. In other words, threats often are not covered by any types of business insurance and traditional insurance policies. The coverage works the same way as businesses would purchase insurance against physical risks and natural disasters. It covers the losses an enterprise may suffer as a result of a cyberattack.
Cyber insurance can have many benefits. For instance, it includes improved standards of security, financial incentives to improve IT security, and safeguarding yourself financially against cyber-attacks such as identity theft, phishing, email spoofing, IT theft loss, etc. However, Cybersecurity insurance protects businesses against financial losses caused by incidents like data breaches and theft, system hacking, ransomware extortion payments, and more. See Best Business Insurance for LLC.
Cyber insurance Coverages
Cyber insurance policies can vary widely in terms of coverage. However, most policies cover the following types of losses:
- Data breaches
- Business interruption
- Cyber extortion
- Network damage
- Privacy liability
It’s important to note that not all policies are created equal. Some policies may have exclusions or limitations that could leave you exposed to certain types of risks. Some of the things that are not covered are:
- Intentional acts
- War or terrorism
- Bodily injury or property damage
- Intellectual property infringement
- Contractual liability
- It’s important to read the policy carefully to understand what is and isn’t covered.
Cyber Insurance Coverage Silverfort
While cyber insurance is of course a pivotal element in ensuring your company is able to recover from an attack. On the other hand overlooked benefit is that the prerequisites required for cyber insurance compliance can help prevent attacks from occurring in the first place. The massive 245% increase in ransomware attacks in 2021 caused $21 billion in losses in the US alone. In response, insurers are taking greater action by issuing a detailed list of new requirements for cyber liability compliance. In particular, a new set of MFA guidelines is now being required by the top providers, using the following MFA form:
Coverage List
- Office 365 and other Cloud-Based Email MFA – Easy to Find
- VPN Access MFA- Easy to Find
- All Remote and Internal Admin Access MFA – Problematic
- AD, MFA for PowerShell, MFA for PsExec MFA – Partial Availability Only
- All Network Backup Environments MFA – Partial Availability Only
- Access to Network Infrastructure MFA (routers, switches, firewall, etc.) – Partial Availability Only
- Active Directory-Managed Endpoints/Servers MFA – Partial Availability Only
Standard MFA solutions may cover some of the use cases required by cyber insurance. But none can protect them all. Ransomware is one of the top concerns of insurers. The ransomware spreads across networks that were hacked using command-line tools like PsExec, Powershell, and others. Except for cyber insurance coverage, no MFA solution can cover these access interfaces.
The Silverfort Unified Identity Protection platform is the only solution that enforces MFA from the backend of identity providers rather than by agents or proxies on individual resources. This means that they can protect with MFA any user account that authenticates to an on-prem or cloud directory in the environment. Business Insurance Buying Guide
Silverfort protects internal and remote admin access in the on-prem environment (which no other solution does). It also enables customers to consolidate all their MFA protections in a single solution, making it a natural answer to cybersecurity compliance standards.
Silverfort Reviews
Silverfort is a cybersecurity company that provides agentless and proxyless MFA protection for any device, server, or application. It includes resources that couldn’t be protected before, to prevent data breaches and meet compliance and requirements. They also offer Identity Threat Detection and Response (ITDR). This feature can detect account takeover, lateral movement, and ransomware propagation, and enforce real-time response with adaptive MFA and blocking to stop attacks and reduce ‘noise’ for your SOC.
Silverfort was founded by leading cybersecurity and cryptography experts from the 8200 elite cyber unit of the Israeli Intelligence Corps(1). However, it enables clients to easily meet the new requirements for MFA protection across all sensitive systems. This includes both on-prem and in the cloud, including legacy systems and admin interfaces that couldn’t be protected before.
Based on Silverfort cyber insurance reviews, customers have praised Silverfort’s flexibility in implementing Multi-Factor Authentication. Above all multiple reviewers stated that the solution works easily for Remote Desktop, VPN, on-site login, and many other use-cases.
Cyber insurance coverage can help companies like High Touch comply with new MFA requirements because of the unique nature of its technology. When users request access to a resource (whether cloud-based or on-prem), the identity provider then forwards authentication data directly to Silverfort for additional scrutiny. Once received, Silverfort’s AI-powered risk engine evaluates each request in real-time and, if needed, can send an MFA prompt straight to the user. This is especially important for the command-line access tools that admins frequently use, such as PsExec, PowerShell, and WMI.
Benefits
While standard MFA solutions are able to cover some of the use cases required by cyber insurance, none can protect all of them. Since insurers themselves state ransomware as one of their top concerns, we’ll use it to demonstrate this claim – ransomware propagates in attacked networks by utilizing command-line tools like PsExec, Powershell, and others. No other MFA solution can cover these access interfaces.
The Cyber Insurance Coverage Silverfort Unified Identity Protection platform is the only solution that enforces MFA from the backend of identity providers rather than by agents or proxies on individual resources. In practice, this means that Silverfort can protect with MFA any user account that authenticates to an on-prem or cloud directory in the environment.
Not only it protect internal and remote admin access in the on-prem environment (which no other solution does), but it also enables customers to consolidate all their MFA protections in a single solution, making it a natural answer to cybersecurity compliance standards.
