The reasons cyber insurance policies are harder to get and cost much more this year are many, but the bottom line is this:
You can take specific actions to better protect your company from cyber risk which, in turn, will get you a better cyber insurance policy and premium.
The results of the cyber insurance risk assessment that your insurance provider conducts on your company will determine your risk tier and the associated coverage and premium. When you improve your risk tier, you get a better rate.
What actions can you take to improve your risk profile and potentially reduce your sticker shock? We’ve listed them in our Quick Reference Guide, “Can You Qualify For Cyber Insurance?”
You’ll see the individual actions are divided into two categories:
- Protect and defend your IT environment
- Contain and monitor your IT environment
In general, the first category will help you qualify for a cyber insurance policy and the second category can help you get better coverage at a better rate. The more of these security boxes you can check off, the better.
Everything you do to assume more responsibility for protecting your IT environment makes you more attractive to insurance providers.
Be aware that some of the actions require infrastructure that’s ready to run the specific tools and processes. When you discuss these security actions with your IT team, they will explain any improvements you need to make to your IT environment first. Chances are, any infrastructure investment you make to secure your IT environment will also expand your ability to innovate and support your business growth — while keeping you safer and insured.