8 Tips for Lowering Your Cyber Insurance Premium in 2023

No business is immune to cyber-crimes and cyber security risks. Threats emerge from various sides and corners causing exponential losses to businesses. The increase in cyber-attacks and data breaches every year makes cyber insurance one of the most sought-after business insurances in the current times. This has led to a steep rise in cyber insurance premiums. Insurance companies, too, are taking tougher measures on deciding the premium amounts from their prospective and current cyber policyholders.

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Cyber Insurance

Cyber insurance is a standalone policy for organisations that have their data stored online. It is meant to help companies recover from cyber-attacks or cyber-crimes. Loss of data due to security breaches, service interruptions, network outages, or similar cyber-attacks is typically covered under cyber insurance.

Reasons behind Increasing Premium Rates

In recent times, cyber insurance premiums have seen a considerable spike. Below are a few reasons for this premium increase.

- Increase in ransomware

- Increase in data breaches

- Work-from-home or the hybrid model

- Increase in social engineering

- Increase in laws and regulations

Tips to Lower Your Cyber Insurance Premium

Insurance companies scrutinize the cyber security measures taken by an organization to determine the premium amount. Preventive cyber security measures are one of the most decisive factors for premium calculation. Thus, we share a few tips that can help reduce the cyber insurance premium.

Conduct regular testing

By conducting timely and regular testing, you will be able to determine the vulnerabilities attached to your systems, processes and overall business. Regular testing showcases a lower risk profile in the eyes of the insurer.

Implement disaster recovery and data backup solution

You must make sure your organization can recover quickly from cyber-attacks. If the attack is a minor one, the recovery should be quicker, maybe within hours. Best solutions should be put into place to achieve cyber-related safety.

Use antivirus and anti-malware applications

Antivirus and anti-malware applications differ for organizations. They are more robust and are ideally managed by the IT teams. Thus, opt for enterprise-level antimalware and antivirus applications.

Website security

It is always recommended to opt for a reputed website hosting provider. This provider usually offers a range of features or plug-ins for website security.

Patching

Patching software is very crucial, as many cybersecurity incidents in the recent past have emerged from unpatched software.

Implement a strong password control policy

Weak passwords are easy targets for cyber attackers. A strong password with a combination of uppercase and lower cases letters, numbers and symbols should be encouraged. Also, Two-Factor Authentication (2FA) can lessen the instances of a data breach.

Data encryption

Encryption of data will ensure that even if the data is stolen or hacked, it might not be of any use to the hacker. All applications, documents, web browsers, email, etc. should have encrypted data for high-security purposes.

Employee training

Cybersecurity is one area where everyone plays a part to remain safe. For instance, a marketing employee may click on a suspicious email and give way to ransomware in your organization. Thus, all employees must be made aware of such threats. The more informed and educated the employees are, the fewer the chances of common cybersecurity scams.

Conclusion

Cyber insurance is an important part of an organization’s insurance portfolio. The rising cyber insurance premium should not, however, be a bottleneck for buying one. Implementing the above-mentioned tips can help in a big way to reduce your premiums and also improve your organization’s cybersecurity.

Written By: PolicyBazaar - Updated: 04 January 2023

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Out of 5 million people globally, 6 lakhs Indians have had their sensitive data stolen and sold on the bot market making India, the worst affected country.
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The average cost of the digital identity of one person was Rs.490, revealed NordVPN, the world's largest VPN service provider. The stolen data include user logins, screenshots, digital fingerprints, cookies, and other sensitive information. All these data are sold in packets in the bot markets, which refer to places where hackers sell stolen data from victims' devices with bot malware. The study majorly looked into three-bot markets the Genesis market, 2Easy and the Russian Market. Out of 26.6 million stolen logins found on the bot markets, 7,20,000 were Google logins, 6,47,000 were Facebook and 6,54,000 were Microsoft logins. Moreover, 667 million cookies, 5,38,000 auto-fill forms, 81,000 digital fingerprints, multiple device screenshots, and webcam snapshots were also found by the researchers. The bot markets are distinct from other dark markets as bot markets are able to get huge amounts of information related to one person in one place. The hackers also guarantee that once the bot is sold, the data of the victim will be updated till their device is affected by that bot, stated Marijus Briedis, chief technology officer at NordVPN. Security researchers also said that not all bots come with a good purpose, many can be malicious as well. These bots operate in multiple fields like customer service, SEO and entertainment and are becoming increasingly common recently. Vidar, RedLine, Taurus, AZORult and Racoon are some of the most popular malware used to collect and steal information out of which RedLine is the most common, stated the report.
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All India Institute of Medical Sciences, New Delhi, India reported a cyberattack on November 23, 2022. Later, the statement released by AIIMS said that e-hospital system
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Cyber Criminals Sending Phishing Links to Twitter Users

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Cyber criminals are targeting twitter Verified Twitter user by sending them phishing links. The cyber criminals send the phishing link to steal their phone number
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