Have you recently requested a cyber insurance quote from your insurance broker or applied for a policy renewal? Were you unpleasantly surprised at the cost?
You’re not alone.
We live in an age where our lives are intertwined with technology, making us vulnerable to cyber-attacks and other cyber-related incidences. For businesses, the risks are significant, as data breaches can result in devastating financial and reputational losses.
That’s where cyber liability insurance comes in – it can provide a safety net to protect your business from exactly such losses. But unfortunately, for many small companies, cyber insurance costs are becoming prohibitively expensive.
Some good news for you; you do not have to sell your kidney to afford cyber coverage. All you need to do is upgrade your cyber security protections. Not only do these added protections lower your premiums, but they also protect your business from the increasing number of nefarious actors out there.
Cyber insurance providers determine premiums based on the associated risk when insuring your business. If your business has strong cyber security measures in place, the risk of a cyber incident is lower, and your premiums will reflect that.
So, what can you do to upgrade your cyber security protections and lower your cyber liability insurance costs?
Conduct a Cybersecurity Risk Assessment
The first step is to conduct a cybersecurity risk assessment to identify vulnerabilities and weaknesses in your system. This assessment will help you understand the potential impact of a cyber attack and determine the best ways to protect your business.
Implement Security Measures
Once you have identified potential vulnerabilities, it’s time to implement security measures. This can include installing firewalls, antivirus software, and intrusion detection systems. It’s also essential to train your employees on how to recognize and avoid cyber threats, such as phishing attacks.
Use Encryption
Encrypting your sensitive data can provide an extra layer of protection. If a cybercriminal gains access to your data, encryption ensures they won’t be able to read it without the decryption key.
Create a Cyber Incident Response Plan
Even with robust cyber security measures in place, it’s still possible to experience a data breach. That’s why it’s crucial to have a cyber incident response plan in place. This plan should outline the steps your business will take in the event of a cyber attack, including how to contain the damage and notify customers and stakeholders.
Work with an Experienced Cyber Insurance Provider
Finally, it’s essential to work with an experienced cyber insurer who understands your business’s unique risks. A reputable provider can help you assess your risk, identify suitable coverage options, and negotiate better premiums.
Don’t be a sitting duck. Prepare your business for the worst: upgrade your security controls and save money on your cyber insurance cost. Ask your trusted IT partner for help.
Don’t have one on speed dial at the moment? Call Meeting Tree Computer at 845-237-2117. As a Managed Service Provider, we’ve helped many Hudson Valley business owners, just like yourself, implement the right tools for their business.
