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cyber underwriting following NIST framework

Risk Assessment

Identify critical assets and data within the organization.

Assess the current cybersecurity posture and maturity.

Conduct a threat modeling exercise to identify potential threats.

Evaluate existing security controls and their effectiveness.

Review past incidents and breaches for lessons learned.

Here are some additional steps that could be included in the Risk Assessment section of a cyber underwriting checklist following the NIST framework

Identify regulatory and compliance requirements relevant to the organization

Conduct a vulnerability assessment to identify weaknesses in the existing infrastructure

Perform a risk analysis to quantify potential impacts and likelihood of identified threats

Engage in a business impact analysis (BIA) to understand the effects of disruptions to critical assets and operations

Identify and evaluate third-party risks associated with vendors and partners

Establish a process for continuous risk assessment to adapt to changing threats and vulnerabilities

Document and prioritize risks based on their potential impact and likelihood

Develop risk mitigation strategies for identified risks, including potential resource requirements

Assess the adequacy of training and awareness programs for employees regarding cybersecurity risks

Review and update incident response plans based on risk assessment findings

These steps help ensure a comprehensive approach to understanding and managing cybersecurity risks within the organization

Governance

Verify the presence of a cybersecurity policy and its alignment with business objectives.

Assess the roles and responsibilities of personnel related to cybersecurity.

Ensure compliance with relevant regulations and standards (e.g., GDPR, HIPAA).

Review incident response and recovery plans for completeness and effectiveness.

Confirm regular training and awareness programs for employees.

Protective Controls

Evaluate network security measures (firewalls, intrusion detection systems).

Assess endpoint security solutions and management practices.

Review access control mechanisms and user authentication processes.

Check for data encryption practices both in transit and at rest.

Verify the implementation of secure software development practices.

Detection and Monitoring

Assess the capabilities of security monitoring tools in place.

Review logging practices for critical systems and data.

Confirm the effectiveness of threat detection mechanisms (SIEM, IDS/IPS).

Evaluate the frequency and thoroughness of vulnerability assessments and penetration testing.

Ensure continuous monitoring practices are established and maintained.

Response

Review the incident response plan for clarity and completeness.

Confirm that incident response teams are trained and well-practiced.

Assess communication protocols during a cybersecurity incident.

Evaluate how lessons learned from incidents are documented and integrated into future practices.

Verify the existence of a business continuity and disaster recovery plan.

Recovery

Review the recovery plan for critical systems and data.

Assess backup processes and their effectiveness.

Confirm the frequency of recovery drills and exercises.

Evaluate the process for restoring operations after an incident.

Ensure that post-incident reviews are conducted and used for improvement.

This checklist serves as a starting point for cyber underwriting processes and should be tailored to the specific needs and circumstances of each insurance organization.

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