10 Tips to Keep Your Cyber Insurer Happy
Posted on 31st July 2023 at 08:52
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As a business owner, do you know that protecting your company's data is of the utmost importance?
Cyber insurers are companies that offer insurance against online risks, including data breaches, ransomware attacks, and other digital disasters. To keep your cyber insurer happy, you need to take steps to minimise the chances of a digital disaster occurring in the first place.
As a business owner, you know that protecting your company's data is of the utmost importance. But did you know that cybercrime is one of the biggest threats to businesses today? Cybersecurity Ventures has issued warnings that global cybercrime costs will continue to grow 15 per cent year on year. This increase signifies a concerning trend in the digital landscape that things have changed: which its predicated to hit $10.5 trillion USD by the year 2025. That's why it's so important to have a good cyber insurance policy in place. But what can you do to make sure your policy doesn't get cancelled or become too expensive?
The answer is simple: take steps to prevent cybercrime from happening in the first place.
Here are ten tips for doing just that......
1. Be proactive about cyber security.
Your cyber insurer wants to see that you're taking steps to prevent a breach, not just reacting to one after it happens. Proactive measures may include investing in employee training, implementing strong security policies and procedures, and using data encryption. By being proactive, you'll show your insurer that you're committed to protecting your data.
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2. Be honest about your risks.
No business is completely immune to the risk of a cyber attack, so it's important to be honest with your insurer about your risks. If you try to downplay your risks or hide information from your insurer, they may not be as forgiving if you do experience a breach. Honesty is the best policy when it comes to keeping your insurer happy.
3. Keep up with updates and patches.
One of the biggest cyber security dangers businesses face is failing to patch known system vulnerabilities. That's why it's important to keep up with updates and patches for all the software you use - if there's a new patch available, apply it as soon as possible. This will show your insurer that you're serious about cyber security and that you're taking steps to protect your systems.
4. Keep your software up to date
One of the easiest ways to avoid a ransomware attack is to make sure all of your software is up to date. That includes everything from your operating system to the apps on your phone. Outdated software is one of the biggest targets for hackers because it's usually easier to exploit. By keeping everything up to date, you'll make it much harder for hackers to get into your systems.
5. Have a Thorough Incident Response Plan
Have a thorough incident response plan in place. This plan should detail exactly what needs to be done in the event of a breach or attack, who is responsible for each task, and how outside resources (like law enforcement or IT consultants) will be brought in if necessary. By having a plan ready ahead of time, you'll be able to minimise the damages caused by an attack and get your business back up and running as quickly as possible.
6. Encrypt sensitive data
Encrypting sensitive data is another key best practice when it comes to data security—and it's something insurers will definitely take into account when considering a claim. By encrypting data, you make it much more difficult (if not impossible) for hackers to access and read it. So, if you can show that you encrypt sensitive data, your insurer will be much more likely to approve your claim.
7. Implement multi-factor authentication
Implementing multi-factor authentication (MFA) is another best practice that can help bolster the security of your data—and that will make your insurer happy. MFA adds an extra layer of security by requiring users to provide not just a password but also another piece of information—like a code from a mobile app or an email—before they're able to access an account or system.
8. Train your employees in cyber security best practices
Your employees are one of your biggest assets—but they can also be one of your biggest vulnerabilities. That's why it's so important to train them in cybersecurity best practices. Teach them how to spot phishing emails, how to create strong passwords, and how not to share sensitive information online. The more knowledgeable they are about cybersecurity, the less likely they'll be to fall victim to an attack.
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9. Notify Your Insurer Immediately
If you do suffer a loss due to a cyber attack, it's important that you notify your insurer immediately. The sooner they are made aware of the situation, the sooner they can begin working on getting you the help you need. Waiting too long could result in delays or even denial of coverage, neither of which will make your insurer happy.
10. Work with a reputable cyber security company
Finally, one of the best ways to keep your cyber insurer happy is to work with a reputable cybersecurity company. A good security partner will help you implement strong security protocols and monitor your systems 24/7 for signs of an attack. They'll also be there to help you if an attack does occur, which can go a long way toward mitigating the damage done.
Create A Stronger Defence Against Cyber Threats
Cyber attacks are becoming more common—and more severe—every day. As such, it's important for businesses of all sizes to carry adequate cyber insurance coverage.
But simply having a policy isn't enough—you also need to take steps to prevent those disasters from happening in the first place. By keeping your software up-to-date, training your employees in cyber security best practices, and working with a reputable security partner, you will please your insurer—and save yourself a lot of headaches (and money) down the road.
By following these tips, you can help create a stronger defence against cyber threats—and you can also help improve your chances of having a successful insurance claim should the worst happen. By taking steps to prevent attacks and having a plan in place for when they do occur, you can go a long way towards keeping your insurer happy—and protecting your business in the process.
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