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The Business Cyber Security Checklist for Competitive Cyber Insurance Premiums

Cyber security is no longer an optional safeguard but a critical component of a business’s infrastructure and business continuity. Cyber insurance coverage alone isn’t enough, and neither is cyber security; the two go hand in hand. The reason for this is because no business can be totally secure; total cyber security is not possible, but cyber readiness is!

Without robust cyber security measures in place, a business may be found to be out of compliance with their insurance policy and end up not getting a pay-out in the event of a breach; they will also tend to pay higher premiums. Conversely, a lack of cyber readiness can lead to catastrophic consequences for a business.

In this blog, we give you a cyber security checklist for securing competitive cyber insurance premiums that also ensure policy compliance.

1. Maintain Up-to-Date Security Measures

Regular application of security patches is fundamental to ensure vulnerabilities are addressed before they can be exploited. Ensure that patches are applied within 30 days (the sooner the better!) of release to fend off ransomware attacks effectively.

Companies should also tag external emails to alert employees of potential phishing threats and implement modern email authentication standards like SPF, DKIM, and DMARC to mitigate the risk of phishing attacks. Because phishing emails and business email compromise attacks are by far and away the biggest cyber threats today, securing your users is a key pillar for both securing your business and the best cyber insurance premiums.

2. Web Filtering and Network Segmentation

Deploy web filtering technologies to block access to known malicious sites that can lead to the infection of user devices by malware.

Segmenting your network based on the classification level of the information being stored will also help to contain and mitigate any threats, and therefore, the risks that they present to your business and cyber insurance carriers.

3. Invest In Endpoint Detection and Response (EDR) and Security Operations Center (SOC) Solutions

An EDR and SOC solution gives your business not only an in-depth defense but also the agility that it needs to quickly counter potential cyber threats before they can cause harm to your business. An EDR solution intelligently monitors the security vitals of your devices for any threats and can flag and respond to threats. The SOC is your human element; a team of cyber security experts that will continually safeguard your network and investigate any suspicious events.

4. System Decommissioning and Microsoft Defender 365

Unused and legacy systems alike can present back-door vulnerabilities that cyber threats can exploit. By decommissioning them, you protect these digital doorways from threats. If you’re using Microsoft 365, you can use the Microsoft Defender add-on to better secure your business’s emails from cyber threats and malicious agents that may be trying to infiltrate your MS365 tenant.

5. Privileged Access Management and Multi-Factor Authentication

Ensure that employees operate under the principle of least privilege, especially when dealing with administrative rights. Multi-factor authentication (MFA) should be mandatory for remote network access, privileged user accounts, and all cloud resources, including Microsoft 365.

6. Security Awareness and Training

In the event that a malicious email does get past your digital defenses, user security awareness training can make a game-changing difference. The majority of data breaches happen because of user error at root, and phishing emails are the biggest culprit.

Take care to educate your team using user awareness training sessions and tools, enabling you to show that what is usually the weakest link in your cyber security chain is actually your strongest!

7. Data Protection and Backup

A powerful way to mitigate risk for your business and cyber insurance carriers is through data backup and recovery, as well as data protection measures.

Regularly perform full and incremental backups of business data, testing them for restorability. Backups should be stored both offsite and offline to protect against ransomware. An annually tested incident response plan, along with formal disaster recovery and business continuity plans, ensures rapid response and minimal downtime during a cyber incident.

8. Vendor Management

Because our digital world is increasingly interconnected, it’s never been more important to have security measures in place for your vendors. A formal vendor management program helps to classify and monitor the type of data and level of access each vendor has, mitigating risks from third-party engagements.

Final Thoughts

By addressing these areas, businesses in Edmonton and beyond can demonstrate proactive risk management and cyber security preparedness to cyber insurance providers. This not only strengthens the company’s defense against cyber threats like ransomware but also positions it favorably for obtaining competitive cyber insurance premiums.

To navigate the complexities of cyber insurance and cyber security in Edmonton, partnering with a reputable cyber security company in Edmonton can provide the expertise and support needed to implement these best practices effectively. A company such as our team here at Tier 3 IT Solutions specializes in understanding the nuances of cyber insurance requirements and can guide your business through the process of enhancing your cyber security posture to meet these standards.

Want to achieve cyber readiness and secure competitive cyber insurance? Tier 3 IT stand ready to help you.

Tier3 IT Solutions – Your Premier IT Support Provider in Edmonton and Alberta 

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.

president tier 818x1024 1

Hi, I'm Jesse and I look forward to speaking with you.

An IT Support partner that you can trust.

I’m proud of the team we’ve assembled and the service they provide to our clients.  It’s because of them that we’re able to make a positive impact in our clients’ businesses and the communities we serve.

Our clients run businesses that depend on technology to operate but don’t have the expertise in-house to manage all the aspects of their Information Technology.  Our unique service delivery model is focused on a business first approach whereby we seek to understand what you’re trying to achieve, and how technology can help you move closer to those goals.  I’d love to connect with you to talk about how we might be able to help you improve the Stability, Security, Strategy, and Supportability of your network.