Introduction
Cyber insurance is evolving, and at Ives, we’re working hard to be a part of this evolution. Instead of merely covering the aftermath of a breach, our programs are focusing on proactively mitigating threats through expert partners like Arctic Wolf.
Proactive vs. Reactive Insurance
Currently, some businesses rely on insurance to help them recover after an attack. But this reactive approach often left them vulnerable in the first place. Proactive cyber insurance helps businesses get the resources to mitigate risks before they become major issues.
Scenario: The High Stakes of Cyber Defense
Let’s consider a medium-sized manufacturing company. They’ve spent thousands on state-of-the-art cybersecurity solutions, and they’re confident that there’s no way they could be hacked. But despite all this, they fall victim to a zero-day attack. In this case, a vulnerability previously unknown to their security team is exploited by hackers, leading to the compromise of sensitive customer information. A cyber liability insurance policy would indeed step in to cover the financial losses here, but since the business hadn’t created an Incident Response (IR) plan, the damage to their reputation and customer relationships was compounded.
Our proactive approach to a cyber insurance program offers a different path. With continuous monitoring through the JumpStart Threat Scanner and response planning provided through the JumpStart IR Planner tool, a proactive cyber program helps identify vulnerabilities even before they become exploitable. This shift from reactive to proactive security gives businesses a crucial advantage: rather than waiting for an incident to unfold, they can get access to Arctic Wolf’s tools to help stop attacks in their tracks, and effectively plan for cyber incidents.
Example: Sifting Through the Noise
Our proactive cyber insurance program does more than just cover incidents—it helps you navigate the overwhelming amount of data produced by cybersecurity tools. Picture a large law firm receiving thousands of alerts daily from their various security programs. The volume of information makes it difficult for their IT team to determine which threats are legitimate and require immediate action. Proactive tools like the JumpStart Threat Scanner help filter through the noise, focusing on real risks and empowering the business to act only on the alerts that matter. This efficiency helps reduce both operational costs and stress on the internal team.
By working hand-in-hand with businesses, our partner in this proactive cyber insurance program, Arctic Wolf, shifts the mindset from “what happens after we’re attacked?” to “how can we stop a breach before it starts?” It’s a more sustainable, less disruptive approach to managing cyber risk, while ensuring that even in the worst-case scenario, you’re financially protected.
Proactive Solutions at Ives Insurance Brokers
Our partnership with Arctic Wolf equips our clients with advanced tools like the JumpStart Threat Scanner and Incident Response Planner, offering cutting edge tools to help our clients manage their cyber risk. By integrating proactive strategies into your risk management plan, you can protect your business and minimize potential claims.
The future of cyber insurance lies in proactive threat mitigation. Businesses must evolve to stay protected in a constantly changing threat landscape. Explore Ives Insurance Brokers’ proactive cyber insurance solutions today by speaking to your insurance broker or reaching out to our team if you aren’t an Ives client yet.
