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Cyber attacks are on the rise with over 50% of business have suffered some kind of attack in 2024. Organisations have had huge losses both financial and reputational in the aftermath of successful data breaches carried out by hackers.
Often referred to as cyber liability insurance or cyber risk insurance, cyber insurance aims to protect the policy holder from financial liability in the events of cyber attacks, data breaches, cyberterrorism or regulatory violations.
Firstly, it is important to emphasise that cyber insurance is not a substitute of a robust cyber security strategy. It will not safeguard you or your organisation if you had not taken the necessary cyber security steps to protect your information.
What it does, however, is that it covers those risks that still exist following the implementation of security measures.
Do not make the mistake of assuming that just because your business does not have a million-pound revenue, you are safe from cyber attacks. According to government statistics 70% of medium-sized businesses have experienced a cyber security breach or attack. Cyber criminals often see smaller businesses as easy targets due to their weak cyber security measures.
Hackers target personal information, bank details and credit card numbers to use these in fraudulent activity or sell them on the dark web.
The repercussions of cyber incidents on business operations are far-reaching and multifaceted. From the disruption of business continuity to the financial implications, the aftermath can extend to recovering compromised systems and potentially losing clients and suppliers, which worsen the financial loss.
So, no matter the size of your business, make sure that you have strong cyber security measures implemented and, to protect your organisation further, take out a cyber insurance!
here are several factors that affect your cyber insurance premium such as:
Because bigger businesses have a larger digital presence, they are more exposed to potential cyber attacks and so pay a higher a insurance premium
The industry in which your business operates will significantly impact the premium you pay because some industry sectors are more attractive to cyber criminals than others.
The measures you have in place to protect sensitive data and your business’s compliance with industry-specific cybersecurity regulations.
As with all types of insurance a more comprehensive coverage may lead to a higher premium.
The more sensitive data you handle such as bank records and personal details, the higher the risk of an attack and premium.
To simply put, the premium you pay is calculated on the likelihood of your organisation suffering a cyber attack and the size of the resulting damages.
Strengthen access controls by requiring additional authentication factors beyond just passwords.
Implement a “no trust” policy by default and verify all access requests to minimise risk.
A comprehensive antivirus software can detect and remove potential malware before they harm your systems.
Assess and manage third-party vendor risks effectively.
Be prepared to respond swiftly and minimize damage in case of a cyber incident.
Educate employees about security best practices to reduce human error.
Identify vulnerabilities proactively through ethical hacking.
Regular software updates and patches to mitigate software and network vulnerabilities and exposure.
Keep in mind that these tips will not only help you reduce your cyber insurance premium but also contribute to a robust cyber security strategy.
Want to ensure that your organisation has no cyber vulnerabilities?
Click the button below for a FREE External Penetration Test with Syn-Star.
Giles Cleverley founded Syn-Star in 2002 shortly after graduating from Portsmouth university with an honours degree in Business & Economics.
His extensive knowledge and experience in IT strategy and business technology solutions. He is passionate about driving innovation and delivering tailored IT support that helps UK small and medium size businesses thrive. Under his leadership, Syn-Star continues to provide cutting-edge managed IT services designed to meet the evolving needs of modern organisations.
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Protecting your digital data is crucial for every business and this can start with the industry-leading security we offer. The Syn-Star specialists can help with identifying any vulnerabilities within your IT systems and act accordingly to ensure cyber-attacks and data breaches are mitigated.
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