Here’s a Secret: How To Save on Your Cyber Insurance Premium
For company leaders that are already investing in cyber security, you don’t need a reminder of why it’s so important. You’re probably well aware of the seriousness and frequencies of data breaches these days, and you, therefore, want to make sure you’re protected at all costs. But, for those who still haven’t taken that budget leap, know that a cyber insurance plan can help offset major costs associated with any type of data breach.
Is that still not enough of a reason to allocate your budget to insurance? Then consider this. What if you could save money on your cyber insurance premium, just by being proactive? Would that be enough to push you to make the right decision for your company?
We’ll tell you more:
The Costs of Cyber Insurance
Cyber insurance isn’t cheap per se, but it can be affordable. And, when you consider how much it would cost to make “repairs” after a data breach, (often thousands upon thousands of dollars, depending on the size of your company and the extent of the damage) it’s definitely worth the price.
Like any other type of insurance, you pay a premium every month, and you can be covered for A LOT. This can be anything from privacy liability to lawyers, plaintiff lawsuits, forensic investigations, PR, penalties and fines, etc. Does that sound expensive already? We’re only scratching the surface. But, what if you could clear all the anxiety about the “what ifs” just by paying a premium every month?
Cyber insurance policies can be customized to your needs. You can go based on the size of your company, what industry you’re in, and ultimately what the stakes would be. No two policies are the same. Some premiums can be as low as $1,000 per year, while others can be as high as $50,000. But, don’t worry. It’s typical that the premium you pay is relative to what your company earns.
Still, that’s a lot of money, especially for a start-up.
This is usually the biggest factor that deters people from taking out cyber insurance in the first place. They just don’t see that it makes sense to add something onto the budget that hasn’t even happened yet.
IT companies who specialize in cyber security understand this. So, we’ll let you in on a little secret. One that only professionals know about.
You can actually save a huge amount of money on your policy premium if you just take a few steps, first. We’re talking around 60%. Here’s how:
How to Save on Your Cyber Insurance Premium
For company leaders like you who understand the importance of cyber security, but still want to save, there’s a way to have the best of both worlds.
All you have to do is be proactive. How do you do that? It’s easy. Get yourself a network assessment from an unbiased third-party. These professionals will analyze and evaluate your system for any vulnerabilities. If they find something that makes your security weaker than it should be, they’ll let you know and fix it up for you. Then, they’ll issue you a document proving you’ve done the assessment. This document will say that you’ve taken all the precautions you can on your end to make sure your system is as secure as possible.
Of course, even if you take those steps, hackers can still find a way in. That’s why it’s important to have cyber insurance, so you’re covered no matter what. However, we can understand how frustrating it can be to spend money on an assessment that’s supposed to clear you, but then having to spend more money on insurance, anyway.
So, here’s how you save. Just bring that assessment to wherever you’re purchasing your cyber insurance plan from. Show them the measures you’ve taken (again, all explained in that assessment overview). More often than not, you can get a huge discount on your policy premium just with that paper. If they’re not eager to offer you that discount, then tell them what you now know!
After all, the law favors those who make an effort from the get go. Also, the more you do now will be less for the insurance provider to have to worry about when they cover you.