ePlus inc. (NASDAQ NGS: PLUS – news) today announced that it has launched a suite of security services to help organizations address requirements relating to increasingly stringent cyber liability insurance standards.
Announced during National Cyber Security Awareness Month, ePlus’ suite of Cyber Services is designed to help remedy security posture gaps that may hinder insurability or lead to rising premium costs.
Focusing on prevention, the Services offer varying engagement levels, ranging from vulnerability identification or preparedness assessments to full-on liability consulting and incident response, helping put organizations in a stronger position to meet new, emerging and stricter requirements.
ePlus Cyber Services include:
- Cyber Insurance Consulting: Helps evaluate mandates from cyber insurers and guides organizations toward security frameworks expected by providers of cyber liability insurance.
- Ransomware Preparedness Assessment: Helps ensure an organization is able handle a potential Ransomware event from a technical perspective.
- Incident Response Services: Assists in defining business processes and minimizing potential exposure in the event of an incident. ePlus offers both real-time point engagements and retainer-based services to facilitate priority, rapid response.
- Cloud Managed Backup: Fully manages the backup and recovery environment along with regular testing so organizations can more quickly recover when disaster strikes.
- Managed Security Services: Ensures continuous monitoring and security operations for organizations with Managed Detection and Response, Automated Security Operations, Log Aggregation, Correlation and Compliance.
As the prevalence of ransomware attacks increases, cyber insurance coverage requirements are growing, along with the cost to maintain policies. A recent study reported that insurance rates have increased between 30-50 percent across the board, and a June 2021 Market Segment Report states that ransomware now accounts for 75 percent of all cyber insurance claims.
Focusing efforts around preparedness, backup, recovery and other areas evaluated by insurance brokers could be the difference between coverage or no coverage or cost of premiums.
“Insurance brokers are raising the standards organizations must meet to qualify for coverage, evaluating against criteria from preparation and overall security posture, to recoverability and incident response mechanisms,” said Lee Waskevich, vice president, security solutions at ePlus.
“The suite of ePlus Cyber Services are architected with these higher standards in mind, helping organizations to remedy gaps and address market concerns that raise the bar on their overall security posture. These efforts leave them better prepared to defend against attacks and put them in a stronger position to qualify for insurance coverage.”
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