In today’s digital age, businesses rely heavily on technology to operate and store sensitive data. With the increasing number of cyber attacks and data breaches, it’s crucial for companies to protect themselves from the financial losses and reputational damage that can result from a successful attack. This is where cyber insurance comes in. Cyber insurance policies provide coverage for various cyber risks, including data breaches, cyber extortion, and network outages. As such, cyber insurance has become an essential component of risk management for organizations of all sizes and types. As the risk of cyber threats continues to grow, however, cyber insurance is also becoming increasingly expensive. Here are five ways to cut the cost of cyber insurance for your business while strengthening your protection from cyber criminals.
Set up a strong framework for cyber security
Start by making your business’s digital defenses stronger. Set up a full cybersecurity framework with important parts like risk assessment, intrusion detection systems, regular security audits, and training for employees. The less risk you pose to insurers, the more likely it is that your premiums will go down significantly.
A stitch in time: quick response to incidents and fixes
How your organization responds to cyberattacks (which will happen) can make all the difference in the world. Make and use a plan for how to respond to an incident that covers possible threats and lists actions that can be taken right away to limit damage. Insurance companies are more likely to give good terms to businesses that show they took quick and effective steps to fix a problem.
Staff Training: Knowledge is Power
You’ve heard it before, but it’s worth saying again: Your employees are the first line of defense against cyber threats. Give ongoing training on cybersecurity and make people more aware of security. Teach them how to spot phishing scams, how important strong passwords are, and what can go wrong with Wi-Fi networks that aren’t secure. If you show your insurance company that you’re serious about reducing human error, they might lower your premiums.
Working together is key: Work with security experts from outside your company
Sometimes, you need a hand—or more than one. Make deals with cybersecurity experts from outside your company to help with vulnerability assessments and penetration testing. By using their knowledge, you can find and fix holes in your security, making it less likely that someone will break in. Insurance companies like clients who are proactive, and if you work with them, you may be able to get a discount.
Make your cyber insurance policy fit your needs by making changes to it.
Every business is different and has its own risks and needs. Work closely with your insurance broker to make sure your policy fits your business and doesn’t have any extras you don’t need. By customizing your coverage, you can avoid paying for unnecessary parts and focus on what really matters: protecting your business from the ever-present threat of cyberattacks.
It’s not easy to keep your business safe from cyber threats while keeping insurance costs low. But if you use these five strategies, which include things like strong cybersecurity frameworks and custom policies, you can not only protect your organization from bad cyber actors, but you can also lower the cost of insurance premiums. Here’s to the future of your business being safer and less expensive!
Get in touch with us
Secutor Cybersecurity is a trusted partner comprised of industry leading experts in the fields of Cybersecurity and Governance, Risk and Compliance. We partner with our clients to deliver on-demand solutions tailored to expertly navigate the regulatory demands of their specific industries.
Our proven track record of successfully exceeding client expectations is achieved through the combination of our methodical approach, advanced technologies, subject matter experts, and synergy with client team members.
Secutor is your team of world-class problem solvers with vast expertise and experience delivering complete solutions keeping your organization protected, audit-ready, and running smoothly.