The Importance of Cyber Insurance

As organisations look at managing the risks associated with information security (InfoSec), it is important to explore ways of mitigating risks by transferring as much as possible away from the organisation. There are a multitude of approaches to this, one of which, growing in the UK, is Cyber Insurance.  

At vSEC we highly recommend organisations take out cyber insurance to help reduce their exposure to the risk of an information security breach, however, there are a couple of things to consider first:

Premiums

To keep the cost of insurance to a minimum, organisations should consider certifications such as Cyber Essentials and Cyber Essentials Plus.

The basic controls that need to be in place and are audited during the process of certification for Cyber Essentials and Cyber Essentials Plus, will significantly reduce the risks and impact of a security breach, and will have the added benefit of reducing insurance premiums, without breaking the bank.

Having a certification like this, will also have the added benefit of showing your customers and suppliers that the security of their data is a priority for you, indicating you a safe pair of hands and giving you competitive advantage. 

Insurance Questionnaires

Organisations should ensure the right people are involved in completing the insurance questionnaire. Your answers can make a big difference in keeping the cost down so make sure:

1. forms are completed by someone with technical knowledge of the Information Security control implemented; 
2. Answers accurately reflect the controls you have in place. 
3. Understand the risks to the organisation

Why not check out our ultimate guide to cyber essentials for more information and call us if you would like help assessing your risk and understanding the real benefits of insurance