Page 51 - Cyber Defense eMagazine Special RSA Conference Annual Edition for 2022

“Impeccable cyber security hygiene is therefore crucial for companies looking to purchase cyber
insurance cover. Not only does it open up capacity availability, it also helps provide more favourable
pricing and terms.”

Or, as the Insurance Council of Australia puts it: “Capabilities that indicate a strong risk management and
security culture may, for instance, include internal data handling and internet usage policies for all
employees across the business, adequate prevention, detection, and response security capabilities and
internal data breach incident response plans. Guidance and resources that support businesses,
especially small businesses, to protect themselves against cyber threats can strengthen risk
management and security practices.”

This isn’t a set-and-forget proposition, either. In many cases, insurers will reassess their policies every
12 months, so even after you use your organisation’s preparedness to get a good deal on cyber
insurance, you’ll need to ensure you maintain those high standards and keep the proper procedures in
place.

Then again, why wouldn’t you? Cyber insurance is not, in and of itself, a cybersecurity strategy, and no
matter how low your premium is and how great the terms of your coverage are, it should only be used as
a last resort. The best response to a breach is still to avoid being breached at all.

At the end of the day, if your business never has to make a cybersecurity claim, it’ll be a win for your
insurer – but it’ll be a win for you and your clients and customers, too.

With its unique three-key encryption technology, Cryptoloc is the world’s safest cybersecurity platform.
To show you take data management seriously, visit cryptoloc.com.

About the Author

Jamie Wilson is the founder and chairman of Cryptoloc,
recognized by Forbes as one of the 20 Best Cybersecurity
Startups to watch in 2020. Headquartered in Brisbane,
Australia, with offices in Japan, US, South Africa and the UK,
Cryptoloc have developed the world’s strongest encryption
technology and the world’s safest cybersecurity platform,
ensuring clients have complete control over their data. Jamie
can be reached online at www.linkedin.com/in/jamie-wilson-
07424a68 and at www.cryptoloc.com

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