Everything Insurance Agents Need to Know About Endpoint Detection and Response

Dec 7, 2022 Insurance, Insurtech

Everything Insurance Agents Need to Know About Endpoint Detection and Response

Every business is subject to cybercrime, and an endpoint detection and response solution is a good start to protecting systems.

Endpoint detection and response (EDR) is critical to any organization’s cybersecurity strategy. Yet, many cyber insurance brokers are unsure of what it is or how it can benefit their clients. This guide will explain everything you need to know about EDR, including what it is, how it works, and the benefits it can provide. 

Armed with this information, you’ll be able to help clients qualify for the right cyber insurance policy that protects their business against potential cyber threats.

Key Security Measures Required for Cyber Insurance Coverage

In today's digital world, investing in cybersecurity is not optional; it is essential. Therefore, it’s important that brokers educate themselves and their clients about cyber insurance qualifications. While no insurance policy can completely eliminate the risks associated with doing business online, it can help to mitigate the financial damages that can result from an attack. 

When considering a cyber insurance policy, there are several key security measures that businesses should implement to qualify for coverage. These measures include developing strong authentication procedures, encrypting all sensitive data, and implementing comprehensive malware protection. By taking these steps, businesses can help to reduce their overall risk profile and make themselves more attractive to insurers.

What Is an Endpoint Detection and Response (EDR) Solution

An endpoint detection and response (EDR) solution is a type of security software that is designed to detect and respond to security threats on endpoints, such as laptops, servers, and mobile devices. EDR solutions are typically deployed on-premises or in the cloud. They use various techniques, including behavioral analytics and machine learning, to detect anomalies that may indicate a security threat. 

Once a threat has been detected, an EDR solution can take various actions, such as quarantining the affected endpoint or generating an alert for a security analyst. In recent years, EDR solutions have become increasingly popular as organizations look for more effective ways to defend against sophisticated cyber threats.

An EDR solution also explores the entire lifecycle of a threat. It can detect how the threat entered, follow its path, and track what moves the threat is making. In turn, an EDR solution can provide a roadmap of a threat’s lifecycle from start to finish and provide a wealth of insight into managing future threats and preventing further damage. 

How to Convince Clients of the Need for an Endpoint Protection Platform

As it currently stands, cybercriminals have the knowledge and capabilities to infiltrate 93% of company networks. In fact, a recent study by ThoughtLab showed that most companies are at an increased risk of cybercrime due to misconfigurations, poor maintenance, poor data management, and human error. 

With cybercriminals being more sophisticated than ever, data security is more important than ever. One way clients can do this is by using an endpoint protection platform. An endpoint protection platform provides a central control point for security policies and allows businesses to monitor and manage their devices. It can also help to prevent data breaches by providing real-time visibility into activity on the network. When convincing clients of the need for an endpoint protection platform, it's important to highlight the platform's benefits and how it can help keep their data safe. 

Many insurance providers require an EDR solution as a prerequisite for issuing a cyber insurance policy because of its cyber risk analysis, prevention, and risk reduction characteristics. By stressing the importance of data security, you can show clients that an endpoint protection platform is a worthwhile investment.

The Importance of an Endpoint Detection and Response (EDR) Solution

Cybercrime is unlikely to let up in the foreseeable future, and the need for more businesses to have cyber insurance coverage is glaring. While clients may appreciate what they are up against, the obstacles in cost and coverage restrictions may have them thinking twice about whether to purchase cyber insurance coverage. 

Insurance agents should recommend EDR to their clients as part of a comprehensive cybersecurity strategy to help protect their businesses from costly data breaches.

With Relay Cyber for Retail Brokers, insurance brokers have more opportunities to find the best fit for cyber insurance coverage for their clients. If you are interested in learning more about our efficient system for helping you auto-generate custom cyber proposals that fit the unique security needs of each client, contact us for more information.

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