Introduction
In an era where cyber threats are more sophisticated than ever, businesses are increasingly turning to cyber insurance as a financial safeguard. Cyber insurance helps organizations mitigate losses related to data breaches, ransomware attacks, and other cyber incidents.
However, insurance providers have tightened their requirements for coverage due to rising cyber risks. Many now demand stronger security measures, particularly in identity and access management (IAM). This is where Silverfort, a leader in Unified Identity Protection, plays a crucial role.
Silverfort’s solutions help businesses comply with cyber insurance requirements by extending Multi-Factor Authentication (MFA) and adaptive security measures across all access points—including legacy systems and critical infrastructure.
This article explores:
✅ The evolving landscape of cyber insurance requirements
✅ How Silverfort helps businesses meet compliance standards
✅ Case studies and strategic partnerships improving cybersecurity
The Changing Landscape of Cyber Insurance
📌 Why Cyber Insurance is Evolving
Cyber insurance providers are tightening their policies due to:
- Increasing cyber threats – Ransomware attacks grew by 73% in 2023 (source: IBM Security).
- Higher insurance payouts – The average cyber insurance claim exceeded $4.35 million in 2023.
- Security gaps – Many companies still lack proper identity protection, leaving them vulnerable.
📌 New Requirements from Cyber Insurers
To qualify for cyber insurance coverage, insurers now demand stricter security controls, including:
🔹 Mandatory Multi-Factor Authentication (MFA) for all remote access and privileged accounts
🔹 Identity and access security to prevent unauthorized logins
🔹 Network segmentation and Zero Trust architecture to minimize attack risks
Organizations failing to meet these requirements may face higher premiums, limited coverage, or outright rejection.
How Silverfort Enhances Cyber Insurance Compliance
Silverfort provides an advanced Unified Identity Protection platform that helps companies meet insurance security requirements by:
✅ Expanding MFA Coverage
Silverfort enables MFA without requiring agents or modifications to existing infrastructure. It covers:
- Legacy applications and databases
- Command-line tools (like PowerShell, SSH, RDP)
- Cloud and on-prem environments
🔹 Why it matters: Most insurance providers require MFA across all access points—Silverfort ensures this is met.
✅ Protecting Privileged Access
🔹 Automates protection of service accounts (often targeted in attacks).
🔹 Reduces identity attack surfaces by blocking unauthorized logins.
🔹 Why it matters: Privileged accounts are the #1 target in cyberattacks, and insurers demand stronger authentication controls.
✅ Simplifying Zero Trust Implementation
Silverfort dynamically enforces access controls using real-time risk analysis, aligning with Zero Trust models.
🔹 Why it matters: Many cyber insurers favor Zero Trust security, leading to lower premiums.
Strategic Partnerships with Cyber Insurance Providers
Silverfort collaborates with insurance brokers to help businesses comply with cybersecurity policies.
🔹 Partnership with Howden Group
- Provides automated MFA for critical resources
- Helps clients in 45+ countries meet security compliance
- Reduces cyber insurance costs by proactively preventing threats
🔹 Why it matters: Clients can secure better insurance terms by proving compliance with MFA and identity protection standards.
🔹 Partnership with Acrisure Cyber Services
- Offers “Security as a Service” model for seamless insurance compliance
- Strengthens privileged access management
- Helps businesses prevent identity-based cyberattacks
🔹 Why it matters: Automated security compliance makes it easier for businesses to get affordable cyber insurance coverage.
Case Study: How Silverfort Helped a Financial Institution Secure Cyber Insurance
📌 The Challenge:
A mid-sized financial institution struggled to meet cyber insurance requirements because:
✅ Their legacy systems could not integrate with traditional MFA.
✅ They lacked strong identity protection for privileged accounts.
📌 The Solution:
🔹 Silverfort deployed agentless MFA across all systems—without requiring infrastructure changes.
🔹 Automated privileged account security, closing security gaps.
📌 The Result:
✅ Full compliance with insurance requirements
✅ Lower insurance premiums due to improved security
✅ Reduced cyberattack risk by preventing unauthorized access
Conclusion: Strengthening Security & Insurance Compliance with Silverfort
With cyber threats evolving rapidly, cyber insurance is becoming a necessity rather than a luxury. However, meeting insurers’ increasingly strict security demands can be a challenge.
🔹 Silverfort simplifies cyber insurance compliance by providing MFA, Zero Trust security, and identity protection—all without requiring modifications to existing systems.
🔹 Businesses using Silverfort enhance their security posture, making it easier to obtain comprehensive insurance coverage with lower premiums.
As cyber risks continue to grow, proactive identity security is the key to both protecting organizations and securing affordable cyber insurance coverage.
Is your business ready for cyber insurance?
🔹 If you need MFA and identity protection compliance, explore Silverfort’s solutions today!