7 Ways To Save Money On Your Cybersecurity Insurance

The more cybersecurity risks continue to evolve, the more costly it becomes for businesses to protect their data.  

Fortunately, buying cybersecurity insurance for your data center can ensure your business operations remain uninterrupted. It provides a safety net for companies as they work to deter cyber-attacks and hacking attempts, allowing them to continue operating and cut systems downtime.

But before approaching an underwriter, learning how cyber insurance works is crucial. It’ll help you to evaluate your cybersecurity needs and determine the scope of your insurance coverage. Such considerations can also help you secure the best premium coverage and save money for other business projects.

Are you wondering how you can save money on cybersecurity insurance? Below are seven ways to consider.

1. Constantly Audit Your Cybersecurity Systems

Hackers are continuously improving their cyber breach tactics. They can easily bypass cybersecurity plans that fail to catch up. 

If you ignore the need to audit your protective systems constantly, you’ll forever be counting losses. Conduct a penetration test to see how strong your cybersecurity plan performs in this volatile digital landscape.

This step lets you highlight the gaps you must bridge and the risks you must work on. You significantly reduce the risk of exposure to cyber-attacks and improve your insurance rates. 

2. Enforce Strong Password Control Policies

An insurer will assess your data protection practices when determining the cost of your premium. Therefore, ensure you understand the underlying tactics to safeguard your database.

In this light, practicing tight password control is crucial when handling your data. You’ll significantly reduce the risk of giving unauthorized, potentially malicious people access to your database this way.

Use more than six characters when creating your password. Include uppercase and lowercase letters, numbers, and special symbols. It makes the password unique and foolproof. 

In addition, ask everyone in your organization to create their passwords in the same way to enhance accountability in your cybersecurity program.

3. Limit Access To Files In Your Data Centers

The level of accessibility to your database can contribute to cyber-attacks and might affect your operations. 

It helps to categorize saved files in your data center and simplify information management. You can develop a hierarchy to control who can access information in your organization. It lets you determine which files to protect or keep in private custody and what’s accessible to the public.

Creating such internal management plans can also help the insurance company subdivide the premium and allocate the appropriate coverage. That reduces the amount of money you remit for protection.

4. Leverage A Single Insurer

One of the best ways to save money when buying insurance is to use a single provider for all your coverage needs. It’ll help you consolidate the insurance package and negotiate better premium prices. 

Therefore, it’ll help to consider an insurer who can offer cybersecurity coverage plans alongside other business insurance policies. 

5. Train Continuously On Cybersecurity

Human error is a primary contributor to cybersecurity problems. Your workforce can fall into traps engineered by hackers, knowingly or unknowingly. Such events can significantly increase the cost of your cybersecurity strategy. The premium remittance will also go up due to breach reports you claim from the insurer.

Providing awareness training on potential cyber-attacks is critical to insulate your database from cybersecurity threats. Through it, your staff will learn the dos and don’ts of handling data, helping them stay safe from cyber breach attempts.   

6. Constantly Review Your Endpoint Detection And Response

You’ll constantly fight attacks in your database and revamp your systems to stay operational. A poor endpoint detection and response plan can mean more cybersecurity insurance costs. 

Consider the following device isolation strategies to protect your database on all points of contact:

• Network isolation: blocks attacks by limiting device communications to curb malware penetrations

• Process isolation: contains malware by restricting the use of devices and operations 

• Desktop isolation: notifies the device users of potential cyber-attacks

You must respond to prompts the device isolation strategy provides you. Also, upgrade your software whenever it’s due to avoid setbacks caused by cyber-attacks. Multi-factor authentication is also a helpful strategy to keep your database safe. 

7. Always Back Up Your Data

Data backup is something you must often do to safeguard your business information. Always back up your data whenever it’s due. The insurer needs to know that you have a fallback plan should you become a victim of a cyber-attack. It’ll enable them to determine the scope of the coverage, how well you manage risks, and how much you pay for the services.

Smart Steps, Better Rates

Your organization’s data handling practices will determine how much you spend on cybersecurity insurance. Knowing this, you must protect your database before considering buying insurance coverage.

It also helps to ensure your staff understands the importance of safe cybersecurity practices and how to respond to unfamiliar digital communication. It’s the safest and easiest way to reduce your premiums.