When it comes to information security, the risks to organizations are increasing by several factors.
As an example, we can mention the increase in the number of cyberattacks, especially after the Covid-19 pandemic, which accelerated the mass adoption of remote work, generating vulnerabilities to IT structures.
Moreover, the action of malicious actors impacts companies of all sizes and industries, whether stealing confidential data and damaging their credibility or causing the interruption of their operations.
To protect themselves from the damage caused by cybercrime, institutions have started to hire cyber insurance. However, in order to reduce the costs of this solution and ensure the risk is accepted by insurers, it is essential to take some measures listed below.
5 Tips for Reducing the Amount of Cyber Insurance
Here’s what you should do to be able to hire cyber insurance and reduce its costs:
1. Develop and Implement Cybersecurity Policies
Among the actions that impact cyber insurance costs, we can highlight the adoption of security standards, including the implementation of the Principle of Least Privilege.
This measure ensures each user in an organization receives only the necessary permissions to perform their functions, which reduces the attack surface.
2. Create and Test Incident Response and Disaster Recovery Plans
Creating incident response and disaster recovery plans is also indispensable for those who want to reduce cyber insurance costs.
After all, this allows it to recover data and restore the activities of a company whenever problems such as breakdowns, cyberattacks, and natural phenomena cause the interruption of operations, avoiding financial losses.
3. Conduct Periodic Cybersecurity Assessments
To reduce cyber insurance costs, it is also recommended to assess the company’s cybersecurity regularly in order to identify possible threats early on and combat them.
4. Develop Training Programs to Increase Cyber Awareness
If you want to ensure the cybersecurity of your organization in order to reduce the costs of cyber insurance, it is not enough to invest in cutting-edge technology. It is also necessary to raise awareness and train your employees on the need to prevent malicious attacks.
In this sense, they should be aware of the risks involved in breaches of the organization’s and its customers’ data.
5. Implement Cybersecurity Solutions Such as MFA and PAM
According to information extracted from the Verizon Data Breach Investigation Report, 61% of cyberattacks are related to privileged credentials.
This justifies the need to invest in cybersecurity solutions, such as multifactor authentication (MFA) and Privileged Access Management (PAM) solutions, such as senhasegura.
While the former applies at least two types of mechanisms to identify who tries to access a given online system, the latter controls the use of generic and privileged credentials, providing secure storage, access segregation, and full usage traceability.
About Version 2
Version 2 is one of the most dynamic IT companies in Asia. The company develops and distributes IT products for Internet and IP-based networks, including communication systems, Internet software, security, network, and media products. Through an extensive network of channels, point of sales, resellers, and partnership companies, Version 2 offers quality products and services which are highly acclaimed in the market. Its customers cover a wide spectrum which include Global 1000 enterprises, regional listed companies, public utilities, Government, a vast number of successful SMEs, and consumers in various Asian cities.
Senhasegura strive to ensure the sovereignty of companies over actions and privileged information. To this end, we work against data theft through traceability of administrator actions on networks, servers, databases and a multitude of devices. In addition, we pursue compliance with auditing requirements and the most demanding standards, including PCI DSS, Sarbanes-Oxley, ISO 27001 and HIPAA.