Who Needs Cybersecurity Insurance?
As businesses continue to face the threat of cybercrime, buying cybersecurity insurance is increasingly becoming essential for the survival of businesses, as 60% of small businesses close 6 months after a cyberattack. No matter the size, all businesses are at risk of being attacked by cybercriminals, but cybersecurity insurance is especially important for organizations. The need for cybersecurity insurance is especially great for those who handle the Personal Identifiable Information (PII) of clients/customers and those who bring in high revenue. The mix of these both make for an especially attractive target for cybercriminals.
High Premium Costs
So, you know you need cyber insurance, but let’s talk about the cost. The cost of cyber insurance reflects the risk and is not cheap. Cybersecurity insurance premiums are often quite high due to the nature of cybercrime, which is constantly changing and evolving, making it difficult to accurately calculate the risk. Additionally, insurance companies must factor in the amount of data breach expenses that a business may incur in the event of an attack, such as the cost of notifying affected customers, legal costs, and other incident response costs. All of these costs can add up, making the premiums for cybersecurity insurance quite expensive in 2023. The good news is there are solutions you can implement to lower the cost of your cybersecurity insurance premiums.
Lowering Your Cybersecurity Insurance Premiums
First, when looking to lower your cyber insurance premiums, completing a security audit is recommended to get a full picture of which digital or physical assets would be affected in the event of an attack. After a full audit of at-risk assets is completed, with this information, the cost of insurance needs can be determined based on the potential financial risks found while completing the audit. Next, we recommend that you find a managed cybersecurity service provider capable of 24/7 monitoring, threat detection, and response to substantially lower your attack risk. Below are five specific cybersecurity services we recommend implementing that will drive down your risk and your premium costs.
1. 24/7 Monitoring
We’re sorry to say, but hackers don’t care if you are fast asleep when they initiate an attack. Actually, they prefer it. Hackers attack when they believe they are less likely to be detected. Cybersecurity insurers want to see that your entire digital infrastructure is being watched for any signs of a threat at all times, day and night.
2. Vulnerability Management
Additionally, insurers would like to see that there are tools being used to manage vulnerabilities within your organization so that patches to these vulnerabilities can be made. We recommend using a vulnerability scanning tool, as it will help continuously identify new unpatched vulnerabilities as they appear.
3. Endpoint Security
Insurers want to know that not only are your network and cloud being monitored but also your company’s endpoints. Your endpoints, such as company computers, mobile devices servers, etc., need to be protected from malware threats, ransomware, and other malicious activities. Endpoint Detection and Response (EDR) solutions can help monitor your endpoints in real time and proactively block malicious activities.
4. XDR (eXtended Detection and Response)
Going a step further than EDR, eXtended Detection and Response (XDR) solutions provide a holistic approach to threat detection and response. By leveraging AI-driven analytics, XDR solutions can monitor all of your digital assets and provide an in-depth analysis of potential threats in seconds while providing automated response capabilities. While EDR offers detailed visibility of specific devices, XDR takes a broader approach by integrating across not only endpoints but other platforms such as cloud computing and email.
Get It All With AgileBlue
With AgileBlue’s Cerulean SOC|XDR platform, you get everything wrapped up in a single security solution. While AgileBlue’s SOC takes care of your 24/7 monitoring and detection, our XDR (eXtended Detection and Response) portion of the platform correlates, stitches, and integrates every layer of your technology stack to detect signs of a cyber-attack. We are able to do this with our automated EDR with advanced threat detection using our anomalous machine learning, user behavior analytics, and vulnerability detection to maintain a complete view of your IT infrastructure. And the icing on the cake. Our vulnerability scanning is also included in our all-in-one platform. AgileBlue is able to proactively identify all assets within your network to detect any and all unpatched vulnerabilities.
Ready to lower your cyber insurance costs? Fill out the form below, and one of our team members will be happy to assist you.