Page 84 - Cyber Defense eMagazine December 2022 Edition

more secure — resulting in fewer data breaches and sensitive customer data spills — while insurers will
have fewer incidents to pay out.

Risk mitigation pays off, for everyone.

What To Do Before Negotiating Your Cyber Insurance Premium

When it comes to negotiating the cost of your cyber insurance premium, it comes down to a simple
question of preventative measures. What steps did you take to mitigate the risk of cyber breach?

A robust security structure takes time. There are a myriad of things you can do in the long term, but your
remote workforce is out there TODAY. Not to worry, below are immediate steps you can take to improve
your security posture — ultimately, putting you in a stronger position to negotiate your cybersecurity
insurance premium.

Keep in mind, the actual cost savings from implementing the advice below will vary depending on your
industry, company size, annual revenue, and the insurance carrier, among other factors. It will be
important for you and your carrier to customize an insurance policy to your particular industry, business
risks, and identified vulnerabilities. This is not one-size-fits-all advice. Yet, implementing cybersecurity
best practices and remaining compliant with industry standards will lower your premiums with many
carriers.

So what can you do to reduce the risk of a cybersecurity breach?

Perform A Risk Assessment

One of the first questions cybersecurity insurers ask is what data is at risk and what steps you’ve done
to safeguard these assets. Analyze what may be impacted by a cyber attack or data breach, and the
potential fallout from damages. Consider the cyber criminal's desire for:

• Customer data
• Financial data
• Employee data
• Proprietary company data and intellectual property
• Credentials and access

One of the key determining factors in the cost of your cyber insurance policy is the number of records
you store, access, and transfer on a normal basis. One easy way to keep your insurance premium down
is to tightly control the volume of records you deal with, and the access controls that protect that data.

Cyber Defense eMagazine – December 2022 Edition 84
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