Do we need cyber insurance if we already have IT security in place?
Yes — cyber insurance and IT security controls serve different purposes, and most insurers now require evidence of controls like MFA and backups before issuing a policy. Good security reduces the chance of an incident, while insurance covers the financial fallout if one happens anyway.
No set of controls makes a breach impossible, which is exactly why insurers treat security posture as a prerequisite rather than a substitute for coverage. Businesses are increasingly finding this out during the application process, when an insurer denies coverage or charges a much higher premium because basic controls weren't in place — the gap shows up before the breach does.
Talk to us about what insurers typically require before underwriting a policy.