Cyber Insurance IT Requirements Toronto — Financial Services Case Study
A 24-person GTA wealth management firm managing $380M AUM had their cyber insurance renewal declined — the insurer required EDR, MFA, and documented security controls the firm did not have. G4NS deployed the full security stack and documentation package within the 60-day deadline, achieving policy approval and a 12% premium reduction.
The Challenge
In March 2024, this GTA wealth management firm received a renewal questionnaire from their cyber insurance provider. They expected a routine renewal but were told the insurer was declining renewal unless the firm could demonstrate multi-factor authentication on all systems, endpoint detection and response (EDR) on all devices, and documented security policies including an incident response plan and acceptable use policy. The firm had 60 days before the policy lapsed entirely.
- Cyber insurance renewal denied — insurer required EDR, MFA, and documented controls
- 6 of 24 user accounts had no MFA enabled
- 3 shared service accounts with no individual accountability
- 11 of 24 devices had no endpoint protection beyond basic antivirus
- No incident response plan, no acceptable use policy
- 60-day deadline before the policy lapsed entirely
The G4NS Solution
- Weeks 1-2: Full audit of all 24 user accounts and devices; deployed Microsoft 365 MFA across all accounts and enforced conditional access immediately
- Weeks 2-4: Installed EDR on all 24 endpoints; configured 24/7 threat monitoring; removed shared service accounts and replaced with properly credentialed identities
- Weeks 3-6: Drafted incident response plan for OSC-registered investment advisor obligations; built acceptable use policy signed by all 24 staff; enrolled staff in SecureAware phishing simulation; compiled full security controls documentation package for insurer
- Ongoing: Monthly security posture reports for insurer renewal; dark web monitoring; quarterly phishing simulations; 15-minute response SLA for any security incident
The Outcome
- Cyber insurance renewal approved — policy bound within the 60-day deadline
- 12% premium reduction versus prior year rate
- Zero security incidents in 20 months since onboarding
- Phishing click rate reduced from 38% to 7% after three rounds of SecureAware training
Group 4 Networks provides cybersecurity and managed IT for Toronto financial services firms, wealth managers, and accounting practices. Call (416) 623-9677 to get a cyber insurance readiness assessment.