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How Can Organisations Reduce Cyber Insurance Premiums?
Guide: Helping organisations reduce their cyber insurance premium
According to International Data Corporation, global spending on digital transformation is forecast to grow 16.3% annually over the coming years, reaching $3.4 trillion by 2026 (about £2.7 trillion).
Even looking more locally, it hasn’t been long since the UK government launched ‘Transforming for a Digital Future’, a 2022–2025 roadmap for UK digital transformation with an ambition to transform public services, deliver world-class technology, and attract and retain the best digital talent.
It true, all of us bear witness to the ever-growing digitalisation of society – a trend that continues to profoundly impact the way we work, learn, communicate, and entertain ourselves – as well as the increasing need for digital skills across nearly all job roles, as emerging technologies gain a greater grasp on the workplace.
Alongside the exponential growth of digital transformation, though, comes new trends emerging in tangent. Among these are the plentiful new attack avenues for cyber criminals to exploit inside growing and vast networks and the consequential discernment from cyber insurers concerning the risks they’re willing to cover and the entities they will protect.
Caution from underwriters
Perhaps it’s not surprising that, according to the UK Government’s Cyber Security Breaches Survey 2023, only four in ten businesses (37%) report being insured against cyber security risks (although this rises to 55% if we include only large businesses). After all, there’s the rather alarming news to consider that cyber security as a business priority appears to be in decline.
Unfortunately, password policies, use of network firewalls, and access management/use of admin rights all decreased between 2022 and 2023. It’s perhaps no surprise then that insurers are digging their heels in and demanding higher security standards in return for cover and the financial protection this brings.
There’s even data on this subject which, once examined, identifies a correlation between certain cyber security controls being in place and corresponding cyber incidents. Indeed, this is exactly why it’s common nowadays for underwriters to ask organisations to document their cyber security practices if they are to qualify for cyber coverage and secure a reasonable premium.
Download our guide and discover what cyber controls insurers look for
While most of the controls insurers are looking to see have been established security practice for several years, some companies are still struggling to adopt them or even take them seriously, as any more than mere box-ticking exercises.
However, ensuring these controls are in place is imperative when it comes to cyber maturity, as well as cyber insurance, and many are essential when it comes to protecting data, complying with information security regulations, and protecting the supply chain.
In order to ensure your organisation is ‘cyber insurance prepared’, there are twelve key cyber insurance controls to keep in mind. To make things easy, we’ve collated and explained them all inside a handy and reader-friendly downloadable guide which also shares information to help you get ahead of the curve and implement robust cyber security measures companywide.
We hope this guide will increase your cyber resilience and, in turn, ensure you are better cyber insurance prepared:
Take our free cyber preparedness test
If you would like a better understanding of how insurance-ready your business is, take our indicative cyber insurance preparedness test today based on the 12 key cyber controls:
