Reducing the Cost of Cyber Insurance

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Reducing the Cost of Cyber Insurance

 

After another year of historic data breaches, a spike in cyber crime due to the chaos caused by COVID and remote workforces, and the immense fallout out from high profile attacks like the recent SolarWinds debacle (which vividly showed just how much someone else’s security failure can impact you and your business), the cost of cyber insurance continues to surge. 

The Cost of Coverage

The price of cyber coverage - which helps cover costs like forensic investigations, credit monitoring, legal fees and settlements - varies widely, depending on the strength of a company's security, but the overall trend is sharply up.

That’s why for any business even remotely contemplating cyber insurance, the number one priority must be ensuring their cybersecurity posture is as strong as possible, because it is really the only controllable factor when trying to negotiate a realistic premium.

It's All About Risk

Just like any type of insurance, premiums always boil down to one thing for insurers – the risk involved. And therein lies the rub. In GDF’s two decades of experience assessing cyber threats and risk, we too often find many businesses really have no idea what threats they may be vulnerable to, or just how vulnerable they are. Now couple that with the constantly shifting ground the insurance industry faces, and it’s clear that correctly calculating risk is always the first big hurdle that needs to be cleared. Because in the end, a cyber insurance policy is going to have to cover a lot of ground, from direct monetary losses which can be fairly straightforward, to the longer-term-impact things like a tarnished reputation and lost customer trust can have, all of which will be unique to each and every client. They will also have to cover things like business interruption, extortion, sabotage, IP (Intellectual Property) theft, data theft, client exposure, reporting costs and much more. So obviously it is not realistic to expect premiums to come cheap, it’s just not going to happen.

Cyber Risk Insurance Doesn’t Replace Cybersecurity

The scary thing about cyber insurance is the possibility that it could be seen by some as some kind of magic bullet that makes the need for the time and resources to develop and maintain a fundamentally sound cyber security posture unnecessary, because just like technology itself proves, human nature gravitates towards ease and convenience, and if companies start thinking of cyber risk insurance as an easy and convenient replacement to bonafide and proven cyber security practices because now they’ll be ‘covered’ against losses, they will likely be in for some long, dark days ahead.

Insurance Premiums for the Healthy or the Sick are Always Worlds Apart

If a business is even contemplating cyber risk insurance, they better first get all their ducks in a row, especially with the costs for coverage soaring. Think of it just like health insurance. Someone that is healthy, keeps themselves in great shape by exercising, eating right, avoiding unhealthy habits and getting regular checkups is going to be paying far less in premiums than someone who does not, because obviously the risk chart says the latter is a much greater risk and the chances the insurer will have to make a large payout are exponentially higher.

That’s where companies like GDF can make a huge difference, not just in helping to drastically reduce an organization’s insurance risk profile and putting a huge dent in premiums, but also in the daily battle against cyber criminals to thwart the vast majority of attacks before they ever happen, and helping clients effectively and efficiently manage the emergency response process if the unthinkable does manage to occur, like an APT (Advanced Persistent Threat) or Zero Day attack.

GDF’s professional vulnerability assessments let clients know exactly where they stand in relation to today’s threat landscape, from weaknesses in policies and procedures based on their business model, operations and unique internal data landscape, to regulatory compliance issues. Then it’s on to GDF’s proven penetration testing, where we take on the role of real-world black hat hackers to uncover any weaknesses that can be exploited, like susceptibility to social engineering, holes in public facing endpoints, outdated or unpatched systems and networks, internal threats, application security, mistakes in how WiFi networks are managed and how digital devices like smartphones and tablets are being controlled, managed and utilized, and a long list of other potential shortcomings. In the end, GDF will not only help your organization save money on cyber risk insurance premiums if you decide to go that route, but we will make you much more ready to face today’s cyber threats head on, and quite possibly eliminate the need to ever have to make a claim in the first place. Now that’s smart business.

Proven Solutions to Defend Against Cyber Threats

*Global Digital Forensics is a recognized industry leader in the fields of computer forensics, cyber security and emergency incident response, with years of experience assisting clients in the government, banking, legal, healthcare, education and corporate arenas. For a free consultation with a Global Digital Forensics specialist, call 1-800-868-8189 about tailoring a cost-effective plan which will meet your unique needs, without wasting resources on solutions you simply don’t need. Emergency responders are also standing by 24/7 to handle intrusion and data breach emergencies whenever and wherever they arise. Time is critical if a cyber incident has occurred, so don’t hesitate to call 1-800-868-8189 for immediate help. For more information, visit GDF's cyber security page, or fill out the form below for a quote.

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