Industry Insights

How To Save Money On Cyber Insurance Costs

Cybersecurity attacks are increasingly in the news with smaller companies being targeted by ransomware or other attacks. They’re often left with a difficult situation to unpack, costing extra money or damaging their reputation. Cyber Insurance coverage in response has seen an increase as companies look for ways to offset the risk and cost of an attack.  

While BNC is not a Cyber Insurance Provider, we offer services to enhance your current cybersecurity policies and setup, helping your business save on insurance costs. Being familiar with insurance requirements, and having the insight of an IT engineer on site, can make Cyber Insurance an even smarter decision for companies that want to mitigate risks from hackers. As interest in Cyber Insurance grows, though, requirements have gotten stricter, and insurance companies most certainly have a list of requirements a company must meet before they can get coverage. More surprisingly, some companies can lose coverage when looking for renewal if their cybersecurity strategy isn’t up to par.  

Email Security 

Most companies operate with some form of email, and it’s one of the most common avenues of attack from hackers. Having the right security setup like Multi-Factor Authentication, maximizing email security tools, and a secure web gateway are things a Cyber Insurance company will check for to assess insurance costs. Basic anti-virus software isn’t enough to pass the test from insurance companies, often requiring more IT expertise than basic computer knowledge.  

Data Backup Recovery 

Insurance companies will make sure your company has frequent backups separate from your network, required MFA for access to backup data, multiple backups, and regular testing of key server configurations. Without proper backups, your company might be facing a denial of service, or raised costs due to higher risk from data loss in the event of an attack.   

Internal Security Controls 

Insurance companies check for Multi-Factor Authentication, restricted sensitive data, using endpoint protection and NGAV, having a Disaster Recovery Plan, and encryption of sensitive data. A DR plan is a common omission that can raise insurance costs.  

As companies see more frequent attacks, and look for ways to offset the risk, Cyber Insurance coverage is an excellent protection against lost revenue, and provides peace of mind. Varying costs can be a downside, so going a bit further with your cybersecurity can save money as well as make your company more secure against hackers.  

BNC has offices in Dallas, Austin, and Denver providing IT outsourcing services to businesses in those areas. BNC provides cybersecurity consultation, including cyber insurance cost reduction services mentioned above. BNC does however provide services to save your company money on cyber insurance costs. Get in touch with BNC today to learn how we can help!  



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