How your business can save money on cyber insurance premiums

Tech Blog
IT Support
January 18, 2023
it support helpdesk reducing business cyber crime

Cyber threats are becoming more frequent, sophisticated and targeted. All businesses should take the necessary steps to protect themselves and their customers from these malicious attacks. One way to do this is by investing in cyber insurance. In this blog post, we’ll explore what cyber insurance is, what it covers, and how businesses can reduce their premiums by improving their security solutions.

What Is Cyber Insurance?

Cyber insurance is a type of business insurance that provides coverage for data breaches and other cyber-related risks such as ransomware attacks or viruses. It helps businesses recover the financial costs of data breaches with premiums depending on factors such as industry, turnover and risk level. The amount paid out depends on the severity of the breach, but often includes costs such as notification fees for informing customers about the breach; legal services for third-party suits; credit monitoring services; and public relations costs to repair damaged reputations

Types Of Coverage

Cyber insurance covers two types of losses: first-party losses related to business assets (like stolen data or corrupted systems) and third-party losses related to customers’ assets (like lawsuits against your company). It also offers protection against liability claims made by clients or vendors who have been affected by a data breach at your organization. The policy may also cover costs if you need to hire experts in forensics or IT services to help you manage the aftermath of a cybersecurity incident.

Reducing Your Premiums

At a time when many businesses are looking to save money, it is proving worthwhile to Invest in cyber security. This can help you save money in the long term by reducing your risk of data breaches and other cyber threats that could cause major disruption.

Saving can be quickly found in insurance premiums too, which frequently are reduced when a business can prove it is taking its cyber crime controls seriously.

There are many measure businesses can take to reduce Cyber Insurance Premiums.

Gaining certifications like Cyber Essentials or Plus certification.

Implementing Multi-Factor Authentication (MFA).

Providing cybersecurity awareness training to staff.

Keeping devices & software up to date.

Using a Managed Security Service Provider (MSSP) which will monitor your system 24/7 for any suspicious activity.

Investing in secure backup solutions so that you can quickly restore lost data after an attack.

Having a reliable incident response plan in place.

These are all measures that will help protect your business from potential threats and make it less attractive target for hackers.

Contact The One Point for help and support implementing these measures.

What next?

Contact The One Point for help and support implementing these measures.

Call us on 01482 420150 or book a consultation with our cyber security experts.

Cyber threats are becoming increasingly common, making it essential for businesses of all sizes to take action now rather than waiting until after they’ve suffered an attack. Investing in cyber insurance is one strategy that can provide peace of mind knowing that you have coverage if something does happen.

Additionally, there are steps you can take to reduce the cost of your premiums such as implementing robust security policies, getting certified through Cyber Essentials or Plus certification programmes, providing cybersecurity awareness training for staff members, using Managed Security Services Providers (MSSPs), investing in secure backup solutions, and having an effective incident response plan in place.

Taking these actions will help ensure that your business stays safe from malicious actors online while also reducing the cost of your premiums should you decide to invest in cyber insurance coverage.

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