We're Not Just Insurance, We're a Security Partner

No matter the size, every organization is a target for cybercriminals. But organizations that lack the cybersecurity muscle of the largest enterprises are among the easiest prey for cyber attackers. Using a range of methods — from simple social engineering attempts to sophisticated malware and ransomware attacks — cybercriminals can compromise a network and cause significant financial and reputational damage with alarming ease. Traditional technologies such as firewalls, anti-virus and log management are a good first line of defense, but they cannot adequately protect against today’s cyber threats. If you want to get serious about cybersecurity, you must combine prevention efforts with detection and response. Today’s “next generation” cyber insurance providers not only provide you with expert help and financial assistance after a cyber-attack, they also work 24/7 to prevent attack before they happen and respond immediately to remediate an attack once it is discovered. This service is known as Managed Detection and Response (MDR).

Managed Detection and Response

Managed detection and response is a service that arose from the need for organizations, who lack the resources, to be more cognizant of risks and improve their ability to detect and respond to threats.

Different companies offer their own set of tools and procedures in detecting and responding to threats. However, all managed detection and response offerings share the following characteristics:

  • MDR is more focused on threat detection, rather than compliance.
  • The services are delivered using the provider's own set of tools and technologies, but are deployed on the users’ premises. The technology stack often deals with host- and network-based solutions. The provider will be responsible for managing and monitoring these tools. The tools are placed to guard Internet gateways and can also detect threats that have passed traditional perimeter security tools. The techniques providers use may vary: some rely solely on security logs and others use network security monitoring or endpoint activity to secure your network.
  • Managed detection and response relies heavily on security event management and advanced analytics.
  • While some automation is used, managed detection and response usually involves humans to monitor your network round the clock. Humans also do analysis of security events and alerting the customer. Customers can expect to have direct interactions with the analysts rather than relying on a portal or a dashboard when it comes to alerting, investigating security events, case management, and other activities.
  • Managed detection and response service providers also perform incident validation and remote response. This means if you need to identify indicators of compromise, reverse engineer a piece of malware, or do some sandboxing, you can rely on your service provider for all these things. You can even consult with them on how to remedy or contain security vulnerabilities.

Like any outsourced service, managed detection and response service providers allow you to gain a team of experts at a price you can afford. For companies who don’t have the time or resources, this is especially useful. In addition, some of the tools used by these providers are too expensive to buy on your own and may not be easily found or readily available. Depending on your provider, you could even get customized implementations to cater to your specific cybersecurity needs.

MDR vendors not only detect and analyze threats, but also stop them. When a threat is detected, they will first verify if it is a real threat before informing you to take action to avoid the scare of false alarms. MDR providers can help your organization deal with advanced attacks that even traditional managed security service providers might not be prepared for. Gartner predicts that 15% of midsized businesses and bigger corporations will be using MDR services by 2020, a big leap from the less than 1% of companies that are currently using them.

Next Generation Cyber Insurance Defined
Next Generation Cyber Insurance Defined
Next Generation cyber insurance aligns all parties for cost reduction - a real win-win-win!
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