Cyber Insurance Compliance Services

According to the 2020 Hiscox Cyber Readiness Report, 26% of organizations have a standalone cyber insurance policy and this number is expected to grow at a rapid pace as all industries trend towards a more digital environment. A large concern with any insurance engagement is the receipt of a payout should the worst occur. The Scarlett Group offers complete managed cyber insurance compliance services. Our team will work with your organization to ensure that your cyber insurance requirements are met and that claims will not be denied due to inadequate protections.

Why is Cyber Insurance Compliance Important?

Cyber Insurance, like any other insurance, is meant to provide a guaranteed payout or assistance in the event of a negative occurrence. Unfortunately, most organizations fail to realize the critical impact that their own environment may have on the insurance payout. Just as an unlocked vehicle parked in a bad area may not be viable for a claim, your organization's unprotected network could be at similar risk. Our team at The Scarlett Group specializes in managed security and IT services. We will work with your existing IT and Cybersecurity staff to augment their capabilities, providing essential cybersecurity services and consultation with the express goal of meeting your cyber insurance policy's expectations. Our solutions also align with a huge array of pre-defined cybersecurity compliance frameworks, providing the appropriate resources where necessary to accomplish additional compliance while remaining conscious of cost and expectations. No matter the size of the organization, we can affordably help close the security and IT gaps for the policy utilized at your organization.

 Reduce the Risk of Attack and Increase the Chance of Payout

The irony of managed cyber insurance compliance is the fact that our controls, solutions, and expertise will significantly reduce the chances of requiring a payout. When we work with your team to close network gaps and reduce risk, we will significantly reduce the chances of a successful cybercriminal incident. If something does slip through the cracks, the cyber insurance compliance service will provide validating documentation, reporting, and remediation assistance wherever needed. Our team can work with your insurance company to ensure proper evidence is provided.

  • Policy Term Compliance:  We help your team determine the exact terms within your policy for insurance compliance and work to swiftly meet compliance expectations.
  • Reporting and Proof: Our team will provide constant reporting and updates, ensuring that your organization will have all the proof it needs regarding proper protection and compliance.
  • No Surprises: Don't let the expense of cyber insurance be in vain. When a payout is needed, our team will provide whatever supplements are necessary to help your organization get the assistance it deserves.
  • Managed Security: Compliance-as-a-Service is not a one time event - these controls require management and dedicated cybersecurity professionals to ensure complete compliance. Our team will co-manage cybersecurity controls, develop appropriate governance, and provide reporting on your organization's current compliance posture. These protection techniques will reduce the risks your organization faces and help protect against the need to file insurance claims.

Additional Compliance-as-a-Service Frameworks

The Scarlett Group's cyber insurance policy compliance service is just a small part of our available compliance packages. Take a look at the list below. It is a snapshot of some of our most popular compliance packages. Contact our team today for more information.

CMMC 

CMMC is a new standard that sets out to protect Federal Contract Information (FCI) and Controlled Unclassified Information (CUI) by defining the approximate cybersecurity posture of organizations within the DoD supply chain. This new compliance framework will affect over 300,000 organizations. The CMMC standard will replace self-assessed NIST 800-171 and will be a requirement for DoD contracts by the year 2025.  Sources indicate that most organizations will likely require CMMC Level 2. The Scarlett Group works with organizations of all sizes to determine gaps, provide full security coverage, and manage IT services in a manner that is compatible with CMMC requirements. 

NIST

NIST 800-171 is a set of standards and security controls recommended by the National Institute of Standards and Technology in order to protect certain types of government data on non-federal systems. This standard was previously self-assessed, but new compliance requirements from CMMC will now require a certified auditor (C3PAO) to validate that the NIST 800-171 controls are properly implemented within an organization. 

DFARS

DFARS is the defense supplement to the Federal Acquisition Regulation (FAR). In the context of IT and cybersecurity, the DFARS cyber clause DFARS 252.204-7012 is the relevant portion. This clause outlines the requirement for NIST 800-171 compliance for CUI. CMMC was developed to help accelerate and properly assess the intent behind DFARS 252.204-7012.

HIPAA

The Healthcare Insurance Portability and Accountability Act (HIPAA) and the subsequent Health Information Technology for Economic and Clinical Health (HITECH) Act defines policies, procedures, and processes that are required to secure electronic protected health information (ePHI). As the regulatory oversight related to HIPAA increases, safeguarding compliance becomes more valuable than ever before.  

PCI DSS

The Payment Card Industry Data Security Standard (PCI DSS) compliance applies to organizations of any size that handle credit card payments. Compliance is adherence to a set of procedures and policies developed to protect card transactions, preventing the misuse of user-personal information. There are four different levels of PCI compliance depending upon the volume of transactions your organization transacts over a 12-month period. 

GDPR

The General Data Protection Regulation (GDPR) is an European Union (EU) regulation that governs consumers’ private information. GDPR applies to all businesses that process personal data of EU citizens, regardless of where the EU citizen lives. Consent must be given in an easy-to-understand, accessible form with a clear written purpose for the user to sign off on and there must be an easy way for the user to consent. Due to the complexities of this regulation, working with a third party for compliance is a best practice.

CCPA

The California Consumer Privacy Act is a new law that aims to protect privacy and consumer rights for residents of California. CCPA compliance is similar to GDPR in many ways, requiring strict handling of consumer data and a "right to delete" for all stored data.

HITRUST 

The Common Security Framework (CSF) is a comprehensive and certifiable security framework used by healthcare organizations to efficiently manage regulatory compliance and risk management. HITRUST unifies the recognized standards and regulatory requirements from ISO, NIST, HIPAA/HITECH, PCI DSS and COBIT. There are several methods for HITRUST compliance including Self-Assessment, Validated Assessment, Certified Assessment, or SOC-2 + HITRUST.    

 

Frequently Asked Questions

Yes, as long as they are clearly defined and achievable.

Insurance policies contain clauses and requirements for minimum protections. Additionally, insurance will help recover from an attack but the reputation, business loss, and employee impact will be impossible to fully recover.