In the past decade, cyberattacks are something that the average business owner has started to worry about. As time passes, the techniques used by cybercriminals get more advanced and effective. A recent study found that over 64% of business owners rank cybersecurity as one of their top concerns. If you feel like your business is at risk of falling victim to a cyberattack, then investing in a cyber insurance policy is a good idea.
These policies are designed to cover a company’s liability when data breaches occur. One of the biggest complaints business owners have about cyber insurance is the high premiums they come with. Are you trying to lower your cyber insurance premium? If so, check out the great tips in this article.
Develop a Vulnerability Management Strategy
When assessing the premium amount you will pay, an insurance company will consider a number of factors. One of the first things they will look at is the vulnerability management strategies your business has in place. If a business doesn’t have a system in place to update system vulnerabilities with the help of patches, it will have a hard time lowering its cyber insurance premiums.
Allowing various parts of your tech infrastructure to become outdated puts you at risk of being attacked by cybercriminals. Not only do you need a vulnerability management strategy for endpoint devices, you also need to develop a strategy for your servers and network equipment. Developing and implementing a vulnerability management strategy will be much easier if you have an experienced IT professional on your side.
Create an Incident Response Plan
Responding correctly to an exterior cybersecurity threat is crucial when trying to mitigate the damage done by hackers. When cyberattacks occur, you want every team member you have to be on board and working toward a common goal. If you want to keep your team working as a cohesive unit during a cyberattack, then you need to realize the importance of creating an incident response plan.
Once you develop an incident response plan with the help of an IT professional, you need to provide your cyber insurance provider with a copy. Once they see your detailed incident response plan, they might reward you with a discount on your premium.
Cybersecurity Training is Very Important
Some business owners make the mistake of keeping employees unaware of cybersecurity threats. If your team members are educated about these threats, they are bound to make mistakes that can compromise the sensitive information on your network servers. Instead of waiting until these mistakes occur, you need to take preventative action. Providing your team members with extensive cybersecurity training is a great way to keep your sensitive information safe.
With a comprehensive employee cybersecurity training program, you can also lower your cyber insurance premiums. An informed workforce will know how to avoid common phishing scams and other hacking attempts.
If you are serious about keeping sensitive data safe and lowering cyber insurance policy premiums, then you need to implement the tips above.