PL Risk Advisors, Inc, Franklin Lakes NJ, is proud to announce they have expanded their cyber resources to include a partnership with the cybertechnology consulting group MOXFIVE. The cyber risk market is exploding and providing additional resources to their clients has been a continuing goal of PLRisk. Adding MOXFIVE to its resource will allow PLRisk insureds to have access to a myriad of cyber security resources and services that can help them evaluate their systems, provide testing and be better prepared for their cyber renewal.
2021 was a devastating year for cyber-attacks. There were 1,862 compromises that they found, 68 percent higher than 2020, its is also over 23 percent over the previous record. (1)Th coupled with the significant increase in ransomware claims, has led to many carriers, significantly changing renewal terms, reducing coverage and non-renewing their insureds unless they can prove hey have the property security protocols in place to protect their systems and their data. This includes among other things
- Activating Multifactor authentication
- Enabling Endpoint Detection and Response Systems
- Providing additional controls for privileged users.
- Establishing air gapped Backups
- Closing Open Ports on their network
11 Best Cyber Practices: Cyber
This partnership will allow PLRisk clients access to resources to establish how well they are prepared for potential cyber-attacks and to help ensure compliance with insurance carriers new demands to be considered for cyber insurance. This additional resource will allow PLRisk clients to proactively assess their systems and prepare for renewal well in advance, thus eliminate the renewal surprises being felt in the industry today.
“We are excited to partner with PLRisk and support their mission of providing clients innovative solutions to solve complex cyber risk challenges. Since our inception, PLRisk has demonstrated a unique understanding of both insurance coverage and the cybersecurity challenges organizations of all sizes face. As cyber insurance plays an increasingly critical role in organizations’ efforts to protect their IT infrastructure, we are excited to provide PLRisk’s customers increased guidance on how to efficiently implement appropriate security controls that will not only help minimize the risk and impact of an attack but also improve their ability to obtain reasonably priced cyber insurance" says Mike Wager, MOXFIVE Founder and CEO.
MOXFIVE is a technical advisory firm specializing in cybersecurity and information technology based out of Washington D.C that has helped thousands of organizations – both public and private – respond to cyber incidents. Their goal in working with PLRisk is to provide proactive risk assessment resources for companies when renewing or searching for new cyber insurance. While many companies provide assessment services, they fall short of MOXFIVE’s expertise and comprehensive assessments.
MOXFIVE will provide one hour of free consulting work to PLRisk clients with an excess of 75 employees and will work with your team to:
- Establish a timeline based on renewal dates to prioritize and execute workstreams
- Expedite implementation process by leveraging MOXFIVE’s Partner Ecosystem
- Provide confirmation of completed implementation for insurance broker and carrier
- Significantly reduce the cost of insurance - both premium and retention - while establishing a resilient cyber security roadmap to build towards
MOXFIVE’s bundle has five distinct services in providing a cyber assessment including:
- Endpoint Detection and Response / Managed Detection and Response (EDR/MDR): We recommend that all servers and end-user systems have agents installed and blocking capabilities activated, including Next Generation Antivirus (NGAV) along with skilled staff monitoring alerts.
- Multifactor Authentication (MFA): Implement MFA for remote access, email access, and administrative systems so that authentication requires more than just a password. Users often re-use passwords that can be exposed in other attacks and re-used against your systems. Make this common initial access component of the attack lifecycle harder to succeed.
- Privileged Access Management (PAM): Place 90% or more of passwords for privileged accounts under management of a tool that automatically rotates passwords and requires MFA to use the accounts to authenticate to resources.
- Backup Assessment and Configuration: Protect at least one backup mechanism from being corrupted deliberately by an attacker who has administrative-level privileges in the environment.
- Sensitive Data Assessment: Understanding and proactively managing the vast amounts of information that helps run your business is critical in the midst of responding to an incident. Knowing and being able to quickly identify what data has been compromised helps your organization navigate legal and regulatory requirements around notifications
Javier Gonzalez, Vice President of Sales for PLRisk, was enthusiastic about this new venture. “Partnering with a group in MOXFIVE allows us to provide our clients with a resource actually assisting with cyber claims on a daily basis. Their expertise comes from their experience in working with insurance carriers determining root cause of claims and determining best practices to mitigate from similar future breaches. There are not many companies with a great handle on current cyber trends to the extent MOXFIVE does.”
For More information about PLRisk resources and Assessment tools you may contact the company directly at 201-847-9175 or email at info@plrisk.com
