The world of business is highly digital today, and it’s full of opportunities and threats in equal measure. It’s more than wise to not only stay ahead in cyber security but also to keep improving it over time. Cyber readiness partnerships are key to this, but what are they?
A cyber readiness partnership is an ecosystem of businesses working together to remove cyber risks from causing them harm; for businesses, it means competitive cyber insurance, deeply enhanced business resiliency, and a much lower cyber risk profile that allows them to focus on what they do best with peace of mind; for cyber insurance providers, it means they can lower the total cost of risk, offer better coverages and premiums, and secure more policy renewals.
In this blog, you’ll discover how cyber readiness partnerships are emerging and how they can help businesses and cyber insurance companies thrive in our cyber world. Let’s dive in!
Cyber Security and Competitiveness Today
The business landscape is fraught with cyber threats like phishing attacks, ransomware trends, and various other cyber vulnerabilities. Companies in Edmonton and beyond are realizing that cyber security is not just an IT matter but a broad business concern that affects every aspect of their operations, from regulatory compliance to customer-facing operations and ultimately, their strategic success.
The reason for this is because cyber threats are attacking businesses of virtually every size, but one thing becomes increasingly certain for any growing business: cyber-attacks are not a matter of if, but when. Because of this, cyber insurance and cyber security are two things that safeguard a business’s whole growth story; not just their operations, reputation, and compliance.
An Example: Ubiquiti Networks
A big example of a fall from competitive grace comes from Ubiquiti Networks, which dealt with two cyber attacks in recent years from both external and internal sources, the first one being a business email compromise attack that cost the company $47.7Mn. Although they refused to give into an insider’s ransomware attack the second time around, the company lost $4Bn in stock value after it transpired that an employee was responsible for it.
Every growing business has a chance of ending up like Ubiquiti – it’s certain they will be attacked, but what is a variable is how prepared they are and how good their cyber defenses and risk management strategies are, including cyber insurance coverage that will pay out because of ensured policy adherence.
Moving From Cyber Security to Cyber Readiness
Cyber security involves protecting IT systems and data from cyber threats. However, cyber readiness transcends this by incorporating a holistic approach to prepare, manage, and respond effectively to these threats. This readiness involves everything from assessing potential cyber risks and implementing strong cyber security hygiene practices to training employees and having an active insurance plan in place. It’s about creating a culture of security that permeates every level of the organization.
What are Cyber Readiness Partnerships and How do They Work?
To us here at Tier 3 IT, a cyber readiness partnership is an ecosystem of businesses working together to secure each other from harmful risks. An emerging trend is that managed IT and cyber security service providers, businesses, and cyber insurance companies are linking up to create win-win outcomes. Better policy coverage, rates, and assurance of pay-out; lower risk profiles and policy renewals; and deeply enhanced business resilience are just some of them.
A cyber readiness partnership is implemented through a cyber readiness program, a defined methodology for creating these outcomes by connecting business IT systems, cyber security best practices and tools, and insurance processes together into harmony. For example, at Tier 3 IT, our program unfolds in two key stages: firstly, a Cyber Readiness Assessment, which enables the creation of a tailored Cyber Readiness Program.
The Cyber Readiness Assessment looks like this:
While a Cyber Readiness Program is a continuous process that includes definite steps that empower better access to competitive cyber insurance policies:
Want to Connect Cyber Security with Cyber Insurance? Tier 3 IT Is Here to Talk
Curious to see how you can harness our cyber security expertise and cyber readiness program to secure new deals and renewals? Tier 3 IT can help. We’ve worked with dozens of businesses across Edmonton and beyond to shore up their cyber security posture and can help you enable your clients to minimize their cyber risk, access better terms, and ensure policy compliance. Find out more by booking an informal conversation with Jesse today.
The Role of a Cyber Security Service Provider In Cyber Readiness Partnerships
Cyber security service providers like ourselves here at Tier 3 IT Solutions are pivotal in the formation of effective cyber readiness partnerships.
These providers do more than just reinforce firewalls or conduct security audits. They work closely with businesses to develop and implement tailored cyber security strategies that align with the company’s risk profile and insurance requirements.
For instance, a reputable cyber security company in Edmonton would:
- Conduct detailed risk assessments to pinpoint vulnerabilities.
- Offer regular training to staff members to help them recognize and avoid phishing attacks and other common cyber threats.
- Work alongside cyber insurance brokers to ensure that the cyber security measures in place meet or exceed the standards required for optimal insurance coverage.
Comprehensive cyber readiness enhances a company’s security posture and enables them to access better cyber insurance policy offers that facilitate more deals and renewals.
Final Thoughts
Our world is becoming more integrated and interconnected, and one of the ways this is showing up in the cyber landscape is through cyber readiness partnerships. By connecting businesses, cyber security experts, and cyber insurance providers together, it enables win-win-win outcomes that strengthen businesses from today’s cyber threats.
For businesses in Edmonton and beyond, strong cyber readiness is no longer a recommended business practice; it’s an essential part of a sustainable growth strategy that safeguard’s a business’s success from the unexpected. By embracing these partnerships, businesses can not only protect their assets but also demonstrate to clients and partners their commitment to cyber resilience, thereby enhancing their market position and credibility in an increasingly interconnected world.
Are you a business or cyber insurance provider interested in unlocking the competitive advantages that cyber readiness can offer? Have questions? It’s good to talk! It all starts with an informal conversation.
Tier 3 IT Solutions: IT and Cyber Security Partners to Businesses and Cyber Insurance Companies in Edmonton and Alberta
Tier 3 IT solutions are managed by IT and cyber security specialists on a mission to help businesses prosper securely in our modern world. We help businesses and cyber insurance companies secure their success by connecting them with our cyber security expertise and cyber readiness program. Find out more about how you can deliver exceptional cyber insurance offers and secure new business by getting in touch with our friendly team today.
