The US government is actively working to protect data and stop breaches caused by hackers and cybercriminals. As a result, new data protection requirements will soon be in place for companies seeking government contracts.
Businesses must prepare for the impact of these requirements and differentiate themselves amidst potential competitors.
Cyber Armada Insurance has resources to help you understand how Stand-Alone Cyber Insurance will assist you in securing your next contract. Let us help you find the right coverage to give you the winning edge when pursuing government contracts.
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The Cybersecurity Maturity Model Certification (CMMC) intended to take effect in the fall of 2020, and it will require all defense contractors to have their cybersecurity status audited and certified by an independent third party before doing business with the Department of Defense (DOD)
As part of this requirement, companies must protect their networks and demonstrate compliance via five levels of cybersecurity maturity (basic through advanced):
The DOD will likely expect bidding companies to pass CMMC Level 3 before awarding a contract. As such, early adopters of cybersecurity and cyber insurance measures may have a clear advantage in the race for government deals. Unlike traditional commercial insurance, Stand-Alone Cyber Insurance provides specific and unambiguous cyber loss coverage, along with critical pre- and post-cyberattack services. Companies can leverage a Stand-Alone Cyber Insurance policy and the related underwriting risk assessment to get a leg-up on the CMMC process.
Cyber threats and technology are constantly evolving. Cyber Armada is continuously producing new learning material to help you stay up-to-date with the latest developments. Check out our online repository of articles and other resources today!