Cyber Insurance Coverage 6-Point Checklist
By Tecala February 6, 2020
6 Ways to Mitigate Risk and Minimise Your Cyber Security Insurance Premiums
The right measures can significantly reduce your cyber security risk and your insurance premiums too. Ensure your business is fully prepared for your Cyber Security Insurance assessment.
An insurer will require you to show your business has all the essential risk areas covered. How can you be sure your risk policy delivers exactly what your insurance provider needs?
In assessing your risk profile, your insurer will ask many questions about your business, your online presence and the measures you currently take to mitigate the risks. As the risk of cyber security threats increase, so too can the steps needed to protect your business. You’ll need to show you have the following key points covered:
Security Awareness Training (formal internal training)
Insurers will want you to have formal security awareness training in place for all your staff, and for this training to be maintained yearly. Tecala can guide you through this process if you do not have a formal system in place.
There is a strong possibility that an insurer will check that your data has been purposefully and correctly classified in terms of its sensitivity, audience and the subsequent risks. We’ll explain how this relates to your business data.
An insurer will pay attention to the usage of Multi-Factor Authentication for the protection of your systems and sensitive data. Is your Identity Management system up to the challenge? If you aren’t sure, we can help.
Insurers are likely to check whether you have tools in place to monitor network and system activity, and how these are used to identify unusual behaviour. Tecala’s capabilities include system and security monitoring and alerting, including real-time threat management.
Surely everyone has antivirus tools running across all their corporate systems in 2020? Actually, many don’t! We will ensure that you not only have vigorous antivirus protection, but also that this is kept up-to-date across all systems.
One of the best ways to protect yourself and prove to an insurer you have your house in order is to regularly patch your systems. Tecala makes this a seamless and continual activity, so you can rest easy and keep known threats at bay.
We’re the driving force behind your cyber security strategy.
Even while cyber attacks are alarmingly regular, 62% of small and mid-size businesses don’t have an adequate or active cyber security strategy in place. Many have no strategy at all.
We work with businesses to ensure their business-critical data is safe, secure and compliant for their industry, so they don’t become a statistic.
Based on the experiences of our clients, we’ve compiled the six core aspects of cyber security that can significantly reduce risk – and therefore reduce your insurance premiums.
Download the 6-Point Security Checklist
For a full review of these critical security measures, download the 6-point checklist here.