Cyber security incidents are often complex and cause damage to multiple areas of a business.
Data can be lost or leaked, financial loss could occur, and potential reputational damage and operational disruptions are all possible outcomes of a cyber security incident.
The road to recovery from a cyber-attack can be time consuming and costly, requiring significant investment in security measures and IT infrastructure.

How can I mitigate against a cyber security threat?

Insurance from a cyber security incident can come in many shapes and sizes, and it is something businesses often think about when it is too late, and a cyber security issue has already taken place.
Most people would think about traditional insurance, which involves an individual or business paying premiums to an insurance company in exchange for coverage against a specified risk. If the event were to occur, the insurer would have to compensate the policyholder based on the terms of the policy helping to mitigate the financial loss that would naturally occur.
In the cyber security world, this insurance is designed to payout in the event of a successful cyber attack. The terms of the insurance will determine the severity of the attack required for a payout and the amount of money that can be claimed. The payout would cover costs such as an investigation, defence costs, legal costs, and compensation packages to affected parties.

Many businesses deem cyber insurance a necessity. As with every insurance, they hope to never need it but if a disaster were to occur it would be there.
Cyber insurance can however be costly. Premiums are calculated from a variety of factors, such as the business industry, annual turnover, deemed risk level, the data held and the cyber security defences in place. As with all other insurance premiums, the less perceived risk the less the premium will be.

How can I reduce my business’s cyber security insurance cost?

The first and most obvious step is to keep all your IT infrastructure up to date. This covers end-user devices, such as the PC/ laptop or the mobile phone and tablets your team members work from as well as the devices that underpin your IT estate, such as networking equipment and servers. Updates to the operating system/ firmware as well as the applications running on these devices should be updated as soon as available.
These updates will bring new features and performance improvements as well as patch known or potential vulnerabilities, making it more difficult for cyber attackers to breach the device.

Another step you should take is implementing technical controls for protection. There is a range of technical controls that can be implemented, such as setting up encryption, installing antimalware software or implementing a firewall. It is important to set up the correct technical controls for your business to ensure that you are getting effective solutions for the price that you pay.

Implementing cyber security awareness training for all team members and monitoring participation is another essential step. Team members are the frontline of your defence, they have access to all the data and systems used within your business and represent the biggest cyber threat to any business.
Training all team members on basic cyber security hygiene and building a culture of cyber security is critical to ensuring a strong defence.

The final option is becoming certified to show that your business is committed to cyber security.
A popular way to do this is getting Cyber Essentials Certified. Cyber Essentials is a scheme run through the National Cyber Security Centre  (a UK Government led source of cyber security advice for businesses) that is designed to help guard your business against cyber security attacks. The certification has a set of guidelines that it requires your business to be within, if met the certification is rewarded. This certification can then be displayed, showing that your business commits to its cyber security. This is not only a benefit to your business, but it is also seen as a positive for potential partners that work with you.

In conclusion, cyber Insurance can be invaluable for businesses, but before selecting a policy it is important to review your infrastructure.
CTRL-S can help, with our vast toolkit and knowledge of cyber security tools and Cyber Wise service. We can also offer Cyber Essentials certification, so you can relax whilst we complete the full process. Get in touch with our team today to see how we can improve your business’s cyber security health.

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