Insurance

Lowering Cyber Insurance Rates

Did you know that you can affect your insurance premiums by the type of data you store? The value of the data you store and access online affects your cyber liability insurance rate. It also affects your company’s particular vulnerabilities to cybercrime.

So if you’re looking to forward lowering cyber insurance rates, you’re about to get five terrific ways to do this. Therefore, stick with me till the end of this post.

Stay up-to-date on software updates

Staying up-to-date on software updates is a good practice for all computers, but it’s essential for business systems. If you choose not to update your software, you’re leaving your computer vulnerable to viruses and other malicious attacks.

Businesses that experience system downtime due to viruses often see their insurance rates increase. Keep all of your computers current with software updates to lower your rates and ensure your data is secure. You can even set reminders in your calendar, so you don’t forget.

Update your passwords frequently

The best way to prevent hackers from gaining access to your private information is by updating your passwords frequently. By doing so, you’ll be less likely to experience identity theft and other data loss issues. Use a complicated password that mixes lowercase, uppercase, symbols, and numbers.

As a norm, your password should have twelve characters altogether. Furthermore, make sure it includes a unique combination of letters and numbers that aren’t found in any dictionary. This will help ensure that no one can guess your password.

If you have trouble remembering passwords like these, consider using a password manager like LastPass or 1Password. These apps create complex passwords for all your accounts and then store them safely online. When you do this, you’ll only have to commit one major password to memory.

It’s a great idea to use different passwords for each account. For example, use password1 on Facebook but password2 on LinkedIn. Never reuse passwords across multiple sites because they may hack them and then use them maliciously against you.

Invest in security software

This is a crucial step and one that you need to get right for lowering cyber insurance rates. It’s easy enough to install antivirus software—you can do it yourself or pay someone else if you prefer. The key is that your software is up-to-date and running at all times.

If you don’t have anti-malware installed, now is definitely the time to start. Malicious hackers are always on the lookout for vulnerabilities in security systems. If they find any, they will exploit them and wreak havoc on your network.

For example, cybercriminals were able to breach Target’s system by finding an unpatched vulnerability in their computer system. They then use that vulnerability to steal credit card information from 40 million customers. So don’t wait until there is a problem before installing security software.

Do it now so you won’t be vulnerable when something does happen. Again, remember that investing in good security software doesn’t just protect you against malicious attacks. It also protects you against employees using company computers for personal use.

You might think that you know everyone who works for your business, but how can you really tell? You might want to consider monitoring employee activity on work computers as well.

Have a sound backup system

Another thing that affects your cyber liability insurance rate is the standard of the backup system you have in place. For example, you may experience an incident, data loss, or hack. If you don’t have a sound backup system in place, your rates are likely to increase.

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If you already have one in place, great. However, if you don’t have one, now is an excellent time to start getting one.

There are many different backup systems that you can implement depending on your needs and budget. Don’t forget about off-site backups as well. You never know when something might happen, and it’s always better to be safe than sorry.

The last thing you want is for all of your data to get lost or hacked.  Another way to lower your cyber liability insurance rates is by having a security breach response plan in place.

When responding quickly after an incident, several factors will affect how fast you respond.

For example, do you have a designated team who knows what they need to do during an incident? Do they all work together regularly so that everyone knows their roles?. Do they communicate effectively with each other during these situations?

If so, you’re on the right track.

Check your firewalls regularly

You can often set up fireworks yourself or purchase them as software and install them on your computer. However, it is still essential to check that they’re working correctly by regularly running a firewall check. This test will ensure that your firewalls are up-to-date and secure from potential cyber threats.

A basic internet search for a free online firewall check should provide all of the information you need to get started. If you do not have any existing firewalls, consider installing some before conducting your test.

One way to lower cyber liability insurance rates is to ensure your business doesn’t have any security holes. If you’re unsure how to protect yourself, consider hiring a professional.

They will assess your current state and help you develop an improvement plan. A professional can also offer advice on what steps you should take to lower your insurance rates.

Conclusion

The steps to take towards cyber insurance are nothing that should scare you. Cyber insurance is a necessity in an increasingly digital world. Indeed, an average business in modern times must have a department focusing that deals with the online parts.

The first step toward lowering your cyber liability insurance rates is to check all firewalls are up-to-date and functioning correctly.

After you have taken care of any necessary updates, consider using free online firewall checks to ensure everything is working. If you find any problems, fix them immediately to avoid paying higher premiums in the future. Finally, consider hiring an expert if you need help assessing your current state or developing an improvement plan.

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