This summer, we were given the opportunity to work on all policies for a local contractor here in Birmingham, AL.
They knew that cyber liability insurance was a necessity for their business insurance program and wanted Three Arbor to evaluate their current policy and then approach the market for additional options.
Ian Hibbs reached out to Abe Gibson with Cennairus Cyber (a trusted partner of Three Arbor) to discuss potential exposures for the client.
Abe suggested running an external vulnerability scan on the client’s IT infrastructure to identify any issues that could impact insurance eligibility or pricing. The scan revealed an open port exposing the contractors on-premise Microsoft Exchange email server.
This posed both a security risk and a roadblock for getting affordable cyber insurance coverage.
Ian consulted with the contractor’s managed IT services provider (MSP) to discuss options for addressing the open port. The MSP recommended upgrading from Exchange to cloud-based Microsoft 365, which would close the port. Though it required an investment, Milam understood the long-term benefits of moving to the cloud.
After making the switch to Microsoft 365 and closing the risky port, the contractor was able to qualify for a cyber insurance policy that cost 50% less than if they had kept the port open.
Upgrading their email infrastructure not only helped the client obtain cost-effective insurance, but also improved their overall security posture by reducing attack surface.
Their experience shows us how a cyber insurance application process can provide valuable insights to strengthen cyber defenses before a breach occurs. Purchasing insurance protects you after an incident, while the assessment process helps you prevent one in the first place.
While cyber threats impact various businesses and continue to evolve, being proactive ultimately safeguards your business. To learn more, or get a quote on your cyber liability insurance, contact us today!
