Cyber insurance: a must in the modern IT landscape
Digitalization offers companies numerous advantages, but at the same time increases the risk of cyberattacks. Hacker attacks, data leaks and ransomware incidents are constantly on the rise, which is why many companies take out cyber insurance to protect themselves against financial and operational consequences. However, insurers have tightened their requirements in recent years: one of the most common prerequisites for policy approval is the implementation of a security information and event management (SIEM) solution.
Why do insurers require a SIEM?
A SIEM system helps companies to monitor, analyze and respond to security-related events in real time. Insurers rely on this technology because it:
early threat detection and thus prevent major cyber damage.
Response times to security incidents are shortened, which minimizes business interruptions.
Creates verifiable security standards that make the company less vulnerable to attacks.
Ensures compliance with regulatory requirements (e.g. GDPR, ISO 27001).
A company that wants to take out cyber insurance often has to prove that it uses a SIEM system to minimize the risks for the insurer.
For which industries is cyber insurance essential?
Cyberattacks affect almost every industry today, but particularly critical sectors are:
Finance and insurance: Banks and insurance companies process highly sensitive customer data and are prime targets for cyber criminals.
Healthcare: Hospitals and medical practices work with confidential patient data and are particularly at risk from ransomware.
E-commerce & retail: Customer data, payment information and online platforms are valuable targets.
Industry & manufacturing: Production facilities with IoT and cloud connections are vulnerable to sabotage or espionage.
IT & technology companies: These companies often have particularly sensitive IP and research data.
Wazuh: An open source SIEM solution as a bridge to cyber insurance
Wazuh offers a powerful and cost-effective way to introduce a SIEM system. This open source solution is widely used and offers companies the following advantages:
Free to use: No license costs, ideal for SMEs with a limited budget.
Central security monitoring: recording, analysis and alerting in the event of security incidents.
Integrated threat detection: Combination of intrusion detection (IDS) and file integrity monitoring (FIM).
Compliance support: Helps with compliance with GDPR, HIPAA, PCI-DSS and ISO 27001.
Flexible & scalable: Can be operated both on-premises and in the cloud.
Gentle introduction of Wazuh in five steps
Many companies are reluctant to introduce a SIEM solution because they expect a high level of technical complexity. A step-by-step implementation makes the changeover easier:
- Needs analysis & target definition
- Which data should be monitored?
- Welche gesetzlichen Vorgaben sind relevant?
- Test installation & first configuration
- Wazuh can be installed on a test environment and tested with a limited amount of data.
- Connection of the first critical systems (e.g. firewalls, servers, endpoints).
- Define rules & alarm mechanisms
- Definition of threshold values for suspicious activities.
- Automatic alerting of IT teams in the event of incidents.
- Integration into existing IT security infrastructure
- Wazuh can be connected to other security solutions such as firewalls, antivirus programs or threat intelligence feeds.
- Employee training & optimization
- IT security teams must be trained in the use of Wazuh.
- Ongoing adjustment of rules and reporting based on initial experience.
Adjacent solutions for comprehensive IT security
In addition to SIEM solutions such as Wazuh, other technologies are crucial for implementing a holistic security concept:
CMDB solution DataGerry: Supports companies with IT documentation and ensures centralized, dynamic management of IT assets.
Compliance Suite i-doit: Facilitates preparation for ISO 27001 audits and implementation of the NIS2 directive.
Conclusion
Taking out cyber insurance is becoming increasingly important for companies, but also more demanding. Many insurers now require a SIEM solution such as Wazuh as a minimum standard to reduce the risk of cyber attacks. As an open source alternative, Wazuh offers a powerful and cost-effective solution that can be gradually implemented in companies of all sizes.
In addition, DataGerry and i-doit ensure efficient IT documentation and compliance monitoring to optimally prepare companies for certifications and regulatory requirements.
A proactive IT security strategy with SIEM, CMDB and compliance management is not only a prerequisite for cyber insurance, but also an essential line of defense against modern cyber threats. It pays to act now!
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