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How To Reduce Your Cyber Insurance Costs

There is an increasing amount of cyber attacks occurring. Many insurance brokers have been including them in their general insurance offerings. However, these attacks and the eventual insurance claim payouts are making insurance more expense. Some insurance companies, such as Lloyd’s of London, are adding exclusion clauses to reduce your insurance or to outright deny the insurance. Fortunately, there are some ways to reduce your cyber insurance costs.

Top Four Security Tips to Reduce Your Cyber Insurance Cost

Patching – Keeping all of your computer systems on the latest software updates. This seems easy, but many Canadian companies are behind. Unpatched firewalls and networks are a wide open door for attackers.

Backups – Create automatic backups! You don’t ever want to have to use them, but they are absolutely essential to run your business. You will be thankful you’ve got your data secured if you are ever attacked. Follow the 3-2-1 rule for offsite backups.

Password Policy – implement MFA (multi-factor authentication) and implement a strong password manager such 1Password, LastPass, or Keeper.

Security Awareness Training – Nine out of ten attacks start with an attacker fooling one of your employees. You can reduce this issue, and your insurance premiums, by enrolling your staff in easy to learn training with automated phishing testing.

Do you need help filling out the Cybersecurity Insurance forms?

You may not have time to use all four of these quick tips, but you still want to reduce your cyber insurance costs. You need help filling out the forms. The forms have become more nit picky and detailed; they are now meant to be filled out by an IT professional. You may need to turn to an outside source to help fill out the firms to save you money for your insurance. Book a free 15 minute consultation to get the help you need today.