Client
A mid-sized logistics company responsible for managing critical supply chain operations and customer data, operating under a combination of regional and international regulations, including GDPR and CCPA.
Challenge
The company faced challenges in securing affordable and comprehensive cyber insurance coverage due to gaps in their cybersecurity measures. They needed to ensure their cybersecurity posture aligned with industry standards and insurance providers’ requirements. Key challenges included:
- Meeting Cyber Insurance Requirements
The company struggled to meet the stringent requirements set by insurance providers for cybersecurity coverage, particularly regarding risk management and data protection controls. - Lack of Internal Cybersecurity Visibility
The organization had limited insight into its security vulnerabilities and areas of risk that could affect its ability to secure insurance or lead to higher premiums. - Cyber Incident Management
The company lacked a formalized incident response plan and needed to demonstrate its preparedness to respond to potential cyberattacks. - Achieving Compliance for Coverage
The company needed to ensure compliance with various cybersecurity frameworks and regulations to secure better coverage and reduce potential financial liabilities.
Solution
The logistics company partnered with COE Security to conduct a comprehensive Cyber Insurance Audit, helping them assess and improve their cybersecurity practices to meet insurance requirements and reduce premiums.
Phase 1: Cyber Risk Assessment and Gap Analysis
- Conducted a thorough risk assessment of the company’s current cybersecurity policies, protocols, and infrastructure
- Identified gaps in security measures, including vulnerability management, access controls, and incident response readiness
- Provided a prioritized action plan to address weaknesses and align with industry best practices
Phase 2: Policy and Control Implementation
- Strengthened security policies and implemented additional controls to meet cyber insurance requirements, including data encryption, endpoint protection, and multi-factor authentication
- Enhanced risk management practices and improved system monitoring to ensure ongoing compliance with insurance provider expectations
- Developed a formalized incident response plan to ensure quick and effective action in the event of a cybersecurity breach
Phase 3: Incident Response and Recovery Planning
- Assisted in creating a comprehensive incident response and disaster recovery plan, outlining clear roles and actions to take in the event of a cyberattack
- Simulated attack scenarios and conducted tabletop exercises to test the company’s response readiness and refine their plans
- Established communication protocols to ensure swift reporting of cyber incidents to both internal stakeholders and the insurance provider
Phase 4: Audit and Documentation for Insurance Providers
- Provided detailed documentation of the company’s cybersecurity improvements, controls, and incident response procedures to meet the requirements of insurers
- Delivered audit-ready reports to demonstrate compliance with relevant cybersecurity frameworks, including NIST, ISO 27001, and GDPR
- Supported the company in presenting the findings to insurance providers to ensure comprehensive coverage at a reduced premium rate
Results
With COE Security’s Cyber Insurance Audit, the logistics company achieved:
- Improved Cybersecurity Posture
Addressed critical security gaps and strengthened defenses to align with insurance provider requirements - Reduced Cyber Insurance Premiums
Secured better coverage at more competitive rates by demonstrating robust cybersecurity practices - Increased Incident Response Readiness
Developed a comprehensive and actionable incident response plan to ensure rapid recovery in case of a breach - Regulatory and Framework Compliance
Ensured ongoing compliance with cybersecurity frameworks, reducing risk and ensuring the company’s preparedness for audits
Client Testimonial
COE Security’s Cyber Insurance Audit helped us align our cybersecurity practices with insurance requirements and significantly reduce our premiums. Their comprehensive approach to risk assessment, policy implementation, and incident response planning has provided us with the confidence to manage potential cyber risks and secure our operations.