You know that we’re big on cyber security and how important it is for every business today. It’s essential for your risk management, business continuity, and less well known, it is a key player in securing competitive cyber insurance coverage that will reliably pay out in the event of a cyber incident.
Cyber security hygiene is an overlooked key to securing more competitive cyber insurance premiums and will lower risk across the board for your business. In this blog, we explain why and how your business can get on the road to minimum cyber risk, combined with competitive coverage.
The Link Between Cyber Security and Cyber Insurance
Cyber insurance is an essential safeguard for businesses, offering a financial buffer against the costs associated with data breaches, ransomware attacks, and other cyber incidents.
However, securing cyber insurance in Edmonton, or anywhere else, is increasingly contingent on demonstrating effective cyber risk management practices.
Many insurers will gauge the cyber security posture of a company to determine its risk profile, which directly influences policy terms, premiums, and the scope of coverage. Therefore, a robust cyber security framework is not just about protection; it’s a prerequisite for gaining and maintaining active insurance coverage.
Businesses face multiple pitfalls when they’re seeking or using cyber insurance:
- Higher risk = higher premiums – Many businesses fail to gain access to a competitive policy, but this can be changed; if you can demonstrate a lower risk profile, you’ll be able to access lower premiums and better assure compliance with your policy.
- Payouts are not guaranteed, unless – you have robust measures in place that give the observability and control that you need to prove and maintain policy compliance across your IT environment.
- Cyber security regulations matter – Cyber insurance providers are also weary of non-compliance with regulations. Which not only correlates with risk but also the potential for fines. They will factor the regulations that you’re subject to and signals of compliance with them into their underwriting and policy terms.
- Lacking evidence – many businesses lack comprehensive documentation and proof of their cyber security posture; without this, they can miss out on more offers and better premiums through cyber insurance brokers.
The Path to Competitive Cyber Insurance in Three Steps
There are three steps your business can take to get the best from the worlds of cyber security and cyber insurance: partner with a cyber security company in your local area, proactively address cyber risks, and ensure cyber security hygiene.
1. Partner with a Cyber Security Company Local to Edmonton and Alberta
A managed services or IT support provider can help your business in a range of ways. At Tier 3 IT, we have a dedicated cyber readiness program that connects robust security with access to competitive cyber insurance premiums together. We:
- Partner with brokers and providers to connect cyber security with lower risk outcomes for all parties.
- Work with your business to find and address its cyber vulnerabilities, and to systematically implement IT measures, controls, and processes to keep your business secure and ensure compliance to your cyber security and insurance requirements.
- Bring together the evidence and documentation needed to present a lower risk profile that leads to more competitive and comprehensive coverage for your business.
After setting up these essential fundamentals and securing coverage, your business can work with a provider to maintain and evolve its cyber security to ensure minimal risk and assured insurance policy compliance.
2. Ongoing Cyber Risk Management
Your business and the cyber landscape will continue to evolve over time, and so must your cyber risk management practices. This will not only protect your business but also your coverage agreements.
Taking the steps to ensure minimal risk involves regular assessments, staying abreast of the latest cyber security trends, and fostering a culture of embodied cyber awareness within your business. You also need to take action based on any discovered risks to ensure the cyber hygiene and compliance of your business.
3. Ensuring Cyber Security Hygiene
Good cyber security hygiene encompasses a range of practices that deploy the tools, processes, and policies that you need to build and maintain your cyber readiness.
These include securing endpoints and networks, alongside encrypting sensitive data and enforcing strong access controls. These measures demonstrate to insurers before and during coverage, that your business takes its cyber risk seriously and is committed to minimizing its exposure to potential cyber incidents. Moreover, insurers may require specific security measures as a condition of coverage, making cyber hygiene an integral part of the insurance application and maintenance process.
Getting the best cyber insurance in Edmonton and Alberta starts with Cyber Security
Cyber security and cyber insurance are interdependent and will be increasingly linked to each other in the coming years. Effective cyber security practices not only protect businesses from cyber threats but also play a crucial role in securing and maintaining cyber insurance coverage.
The right IT support partner can make all the difference for your business’s security posture and cyber insurance acquisition efforts. Premiums and risk to your business continuity and growth journey can all be lowered with the right strategy and methods. If your business is based in Edmonton or Alberta more widely, consider partnering with Tier 3 IT and we’ll be glad to show you how.
Tier 3 IT Solutions – Your Premier IT Support Provider in Edmonton
Looking for top-tier IT support in Edmonton, Alberta? Look no further than Tier 3 IT Solutions. As the foremost IT support company in the region, we specialize in delivering tailored solutions designed to address the specific requirements of businesses in Edmonton and beyond. Our seasoned team of technicians is dedicated to providing prompt help desk support and maintaining a proactive stance towards IT management.
At Tier 3 IT, we understand the importance of a robust technology infrastructure for your business. That’s why we offer a comprehensive suite of services ranging from network monitoring and cyber security to cloud solutions and data backup. With Tier 3 IT at your side, rest assured that your technology needs are in capable hands.
Experience unmatched reliability and efficiency with Tier 3 IT Solutions. Contact us today to learn more about how we can elevate your IT experience in Edmonton and propel your business forward.
