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Cyber Liability Insurance

Cyber and Network Security policies come in all shapes and sizes, but typically cover costs of defense and losses due to hacking incidents, data breaches, privacy notification, related lawsuits, etc.

Does Your Cyber Policy Include Social Engineering?

As you’ve likely heard, cyber liability insurance claims are on the rise. But some victims of phishing or other common deception schemes could be in for an unpleasant surprise when reporting the matter to their insurer – if they learn that there is no coverage for this claim scenario.

Human error is still the greatest weakness in a company’s cyber security strategy, and social engineering claims are among the most frequent types of cyber liability incidents. Some examples might include an unsuspecting employee clicking an emailed link from a hacker, or a compromised email account from a company officer that tricks the controller into wiring funds to a fraudulent account.

Most cyber policies include a small sublimit or capped payment for social engineering – commonly in the range of $100,000 to $250,000 limits. However, some insurers have begun excluding coverage for social engineering altogether for collection firms. Check your policy carefully at renewal, and click below to let us make sure you still have the best value and coverage.

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Cornerstone Support

9755 Dogwood Road,
Suite 150,
Roswell, GA 30075

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Why choose Cornerstone Support's Insurance?
Cornerstone clients receive the benefit of a broker who is always working to improve cyber security policies in a world where threats are continually changing.
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We guide our clients to the best protections and price available.

Being approved for Cyber Liability Insurance is not a forgone conclusion.  Cornerstone’s expertise is a huge help in this process.

  • The cyber liability insurance market in general is in upheaval. There is added scrutiny for collection risks due to the nature of the accounts and high number of records.
  • Applicants using Microsoft Exchange Servers, SolarWinds or SonicWall hardware may be declined unless they have taken specific remediation steps
  • Underwriters will look for an excuse to decline quoting – Don’t give them a good reason!

Key Security Requirements/Investments – Before you apply


Multi-Factor Authentication

Required for all risks. MFA needs to be implemented for (1) remote network access, (2) email access and (3) administrator access.

Reduce Your Record Count

Purge old stored records that are no longer needed and reduce your exposure in the event of a breach.

Dual Control

Use dual control for wire transfers in excess of $25,000.  This involves a secondary means of communication to validate the authenticity of funds transfers (ACH, wire, etc.).

Remote Desktop Protocol (RDP)

Over 60% of claims result from unauthorized access via an exposed log-in panel.  Do not leave these capabilities active unless required, and never leave RDP exposed to the internet.


Patch management is the process of distributing and applying updates to software. These patches are often necessary to correct errors in the software. Insurers want to see a robust patch management strategy.


Employees are still the weakest link in any security defense, and human error remains the biggest challenge to overcome. Create an incident response plan and implement formal training for employees on security awareness.

Build a Stronger Backup Strategy

Purchase a backup solution that uses a separate non-domain account with MFA. Retain multiple copies of data, keep one offsite, and monitor backups for suspicious activity.

Endpoint Detection & Response (EDR)

Software installed on all endpoints automatically monitors and collect activity data from endpoints that could indicate a known threat.

This list is not comprehensive, but it includes some important steps that can help improve your cyber liability options at renewal.

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