10 Ways to Reduce Your Cyber Insurance Premiums

/ By Cowan Insurance Group

Cybersecurity threats and trends are constantly evolving as technology advances rapidly. To keep your business protected and your insurance premiums in check, make sure you reassess your data protection practices regularly and take achievable cybersecurity steps to help prevent costly breaches. Here are a few practical steps you can take now to mitigate cybersecurity risk and make a positive impact on your insurance premium.

1. Prioritize employee security training

Help your team become cyber-savvy by providing them with comprehensive training. When your employees are well-informed, they become the first line of defence against cyber threats. Even the most advanced and expensive data protection solutions can be breached if an employee accidentally clicks on a harmful link or downloads questionable software. Organizations must ensure their employees are well-prepared to recognize and respond to common cyber threats. Training equips employees with the knowledge to identify the risks of visiting harmful websites, leaving their devices unattended, and sharing too much personal information on social media. Your employees should also know your cybersecurity policies and how to report suspicious cyber activities.

2. Install antivirus software and keep it updated

In addition to educating your team about the risks of lax cybersecurity practices, antivirus software is one of the top-notch defences for safeguarding your data. When selecting the right software, organizations should thoroughly research the options to find the best fit for their requirements. Once installed, remember to keep it in tip-top shape by performing regular updates.

3. Promote safe web browsing practices

Harmful and sneaky websites can effortlessly infiltrate your network, setting the stage for even nastier cyber assaults. Ensuring your team is well-versed in safe web practices is crucial, urging them to engage only with trustworthy websites. Additionally, it's wise for companies to consider putting up barriers or firewalls against well-known threats and potential dodgy web destinations as an extra layer of defence.

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4. Implement strong password policies

Ongoing password management can help prevent unauthorized attackers from compromising your organization's password-protected information. Above all, you'll want to create a password policy that specifies all your requirements related to password management. Your policy should include changing passwords regularly, avoiding using the same password for multiple accounts, and using special characters.

5. Use multi-factor authentication

While complex passwords can help keep cybercriminals at bay, it's not foolproof. To add an extra layer of protection and thwart unauthorized access to employee accounts, consider adopting multi-factor authentication (MFA). MFA beefs up security by requiring users to verify their identity with additional information when accessing corporate applications, networks, and servers.

MFA works in three different ways:

  1. Knowledge: Users confirm their identity by providing information that only they know, like passwords or answers to security questions.
  2. Possession: Users prove their identity by having something in their possession, such as a hardware authentication device or a one-time password.
  3. Inherent: Users rely on their unique characteristics, like a fingerprint, retinal scan, or voice recognition.

This added layer of security can significantly reduce the risk of compromised credentials and enhance your overall cybersecurity.

6. Conduct regular vulnerability assessments

Perform routine vulnerability assessments and penetration testing to identify potential weaknesses in your network infrastructure and promptly address them. Following these tests, security experts compile their findings and provide recommendations for improving network and data safety.

7. Keep systems up to date

Cybercriminals commonly enter your system by exploiting software vulnerabilities. Regularly update and patch all software, operating systems, and applications. Outdated systems are vulnerable to exploits that can be easily prevented with timely updates.

8. Backup and disaster recovery planning

Maintaining updated backup files is essential, ideally in a secure, separate location from your primary systems. Regularly back up your critical data and develop a comprehensive disaster recovery plan to ensure business continuity during a cyber incident. Failing to do so can result in losing vital business or proprietary data if your system is compromised.

9. Secure mobile devices

Implement mobile device management solutions and enforce robust security measures for smartphones, tablets, and other portable devices accessing your business networks.

10. Maintain incident response readiness

Develop an incident response plan to outline clear steps and responsibilities in a cyber incident. Regularly test and update the plan to adapt to evolving threats.

By adopting these ten resolutions, you can proactively strengthen your cybersecurity defences, reduce your cyber insurance premiums, and safeguard your business against ever-evolving cyber threats.

Cowan Insurance Group provides cyber risk management solutions, liability coverage, privacy breach expense, and third-party coverage for business interruption loss, digital assets, and cyber extortion. No matter the size of your company, our dedicated team of expert advisors can help.

 

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