With the increasing reliance on technology for any business interaction these days, and with your data being more valuable than ever, Cyber Insurance is a keyway to defend your business against interruption or loss. Unfortunately, companies are seeing their costs for insurance double or more this year over the same time last year.
There are multiple factors that can increase your insurance rates legitimately that are out with your control:
Companies are even reducing the insurance on their physical assets with the realisation that their data is just as important.
There are key things you can do to help reduce your costs the simplest being shop around, different companies see different business areas as more of a risk than others where one company may see the IT sector as elevated risk and increase premiums another may only see it as medium risk. The types of coverage the insurance supplies and the value which it protects you for will also affect the final cost.
Ensuring processes are in place in your finance department for anything to do with changes of bank details by contacting the third party to confirm the change by an alternative contact method. Ensuring you confirm the bank details of a third party you have not dealt with before by an alternative method before first time payment. Ensuring large payments are authorised by at least 2 people internally before payment is made.
However, there are technical controls you can put in place that will help reduce your quotation cost as you are seen as a lower risk business to deal with these can include but are not limited to:
Previously attacks used to be about encrypting your data and denying access to it, however these days it is moving more towards extracting your data and extorting you with its sale on the Dark Web and breaching regulations like GDPR. A good example is the recent health care attack in Australia which hit the news:
For more information on how to protect yourself please contact Shackleton Technologies.
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