The price of cyber insurance policies is getting consistently higher, which is a painful pill most of us have to swallow. Unless you know how to lower the cost.
Improving your network security can help lower your insurance premiums by nearly 25 percent. If you ignore the need for better cybersecurity, your premiums can increase by up to 50 percent.
Staying one step ahead of potential disasters is one of the most important jobs any organization leader has. The number of cyberattacks perpetrated against small businesses and organizations grows with each passing year. Cyber insurance policies are viewed as a must-have for many small business owners.
These policies help to cover an organization’s liability for data breaches where sensitive information is stolen. This is partly due to factors like large payouts for ransomware attacks and the security risks associated with using remote workers.
Are you trying to keep your insurance premiums low by improving network security? We’re sharing cost-saving tips below.
Why Are Most Small Organizations Vulnerable To Cyberattacks?
Some business owners have a false sense of security regarding cyberattacks. Failing to take the threats associated with these attacks seriously can be disastrous. Thinking that your business is too small to be on the radar of a cybercriminal is a bad idea. In reality, cybercriminals attack any business they perceive to have network security vulnerabilities.
Many small businesses remain at risk of having their network infiltrated by criminals because of things like:
- Cybersecurity threats evolving at a rapid pace
- Lack of network security fundamentals
- The growing risk of multi-vector attacks
- Outdated software
- Limited network visibility
If you want to get a better assessment of how secure your network is, then take our network security quiz.
Effective Ways To Lower Cyber Insurance Premiums
Businesses hold around 75 percent of cyber insurance policies in the United States. If you are currently paying an astronomical premium rate on your cyber insurance policy, it is time to act. You can do a few things to make your cyber insurance premiums less expensive.
24/7 Network Monitoring
The average cybercriminal will attempt to infiltrate a company’s network when they feel the lowest chance of detection exists. Weekends, holidays and late-night network attacks are extremely common. If you want to lower the risk of these threats and lower your cyber insurance premium, then 24/7 network monitoring is important.
IT professionals have proactive monitoring tools they can deploy on your network. With this technology, network security threats can be detected early and addressed before a criminal has a chance to access sensitive information.
Secure Backups Are a Must
In the past few years, ransomware cyberattacks have become very common. This malware-based attack usually involves hackers seizing control of the information on a network and encrypting it. A ransom is then demanded with the promise that the network will be handed back over to the business owner once payment is received.
If you want to safeguard your network from ransomware attacks and motivate your insurance provider to lower the premium on your cyber insurance policy, then you should invest in secure backups. Cloud-based backups will save a copy of your network data automatically. A secured backup can restore any data lost during a cyberattack.
Provide Cybersecurity Training To Employees
Did you realize that most cyberattacks are successful because of human error? Leaving team members in the dark regarding cybersecurity is a mistake that can come back to haunt you. Not only can teaching your employees about network security fundamentals lower the risk of cyberattacks, it can also lower your cyber insurance premiums.
Improving Network Security Will Require Expert Assistance
As an organization leader, you’re passionate about serving your customers and clients. Working with a managed IT service provider to improve network security helps you deliver first-class, uninterrupted service to your clients. With the help of Nutmeg Consulting, you can find and fix network security threats.
Working with us also helps you take advantage of a suite of project management and back-office tools like:
- LastPass password management
- Remote support
- Cloud-based infrastructure
- Multifactor authentication
- Sophos security tools
We work hard to help small- to mid-sized businesses and non-profits mitigate the risks posed by cyberattacks.
Say Goodbye To Network Security Vulnerabilities with Nutmeg Consulting
If you’re passionate about providing better service to your clients and eliminating network security vulnerabilities, then it is time to take advantage of the managed IT services offered by Nutmeg Consulting.
Book a call with us to learn more about how our product suite will keep you protected.