How Pen Testing can Soften the Blow on Rising Costs of Cyber Insurance
As technology advances and organizations become more reliant on
data, the risks associated with data breaches and cyber-attacks also increase.
The introduction of data privacy laws, such as the GDPR, has made it mandatory
for organizations to disclose breaches of personal data to those affected. As
such, it has become essential for businesses to protect themselves from the
financial and reputational costs of cyber incidents.
One solution
to help organizations protect themselves is cyber insurance, despite the rising
costs of cyber insurance, where the average price in the U.S. rose
79% in the second quarter of 2022. Also, with strict
eligibility requirements that have emerged in response to risk and sharp spikes
in successful breaches during and post-COVID-19, cyber insurance remains
essential for organizations to protect sensitive customer information and their
own data from falling into the wrong hands.
While cyber
insurance is not a one-size-fits-all solution and may not cover every possible
scenario, it can help organizations mitigate the financial and reputational
risks associated with cyber-attacks and data breaches. Almost every modern
organization uses, sends, or stores data, which means almost every modern
business is reliant upon cyber insurance as a part of its overall risk
management strategy.
Understanding Cyber
Insurance Eligibility #
When it comes
to offering cyber insurance, providers begin by evaluating an organization's
cyber security risk profile, which includes an assessment of whether regular
penetration testing is conducted. Depending on the outcome, as well as other
findings in the assessment, eligibility (and rates) could change significantly.
Pen testing is
an effective way to detect vulnerabilities in web applications before attackers
can exploit them. It helps organizations better understand the application's
attack surface and remediate vulnerabilities before they turn into a serious
threat. However, traditional pen testing delivery takes weeks to set up, and
the results are point in time, leaving critical application vulnerabilities
exposed for longer than they should.
A new wave of
automated pen tests conducted through a software-as-a-service (SaaS) delivery
model, known as Penetration Testing as a
Service (PTaaS),
resolves this problem. PTaaS provides ongoing monitoring, reducing the risk of
cyber-attacks. Organizations have direct access to pen testers and a knowledge
base for how to fix vulnerabilities, enabling IT and development teams to
remediate them effectively.
PTaaS delivers
vulnerability findings in real time via a portal that displays all relevant
data for parsing vulnerabilities and verifying the effectiveness of
remediation. This approach is well-suited for agile organizations that need a
cost-effective and flexible way to audit and secure web applications at scale.
By using a
PTaaS solution, organizations can conduct regular pen tests without the
time-consuming and resource-intensive traditional delivery model. This
proactive approach helps identify and remediate vulnerabilities before
attackers can exploit them, providing organizations with peace of mind that
their cybersecurity posture is strong. Understandably, having such a solution
in place will offer insurers peace of mind that you're conducting regular tests,
which could have a huge impact on your cyber insurance eligibility – and the
impact it will have on your budget.
To help
maintain a robust cyber security program, reduce the risk of cyber-attacks, and
keep insurance providers smiling, consider a PTaaS solution as
part of your overall cybersecurity strategy.
Reduced Risk,
Automated Assurance and Visible Vulnerabilities#
Outpost24
provides a range of application pen testing services to help organizations
identify and remediate vulnerabilities and logical errors in real-time for
faster remediation. By combining automated scanning with a cycle of
high-quality manual testing, organizations get the most accurate view of
vulnerability findings.
With cyber threats constantly evolving, continuous monitoring of your web applications is essential to detect new changes. Security experts will then review that change, and conduct a thorough penetration test to assess the application risk and ensure that any new vulnerabilities are in check.
credit to thehackernews.com
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