7 Tips to Lower Cyber Liability Insurance Rates

Feb 08, 2023

Cyber Insurance

cyber liability insurance rates

More and more business owners realize that a computer network security breach can happen to anyone, even large corporations. The keys to reducing the risks of a costly attack are to practice proven data protection techniques and find the best cyber-liability insurance rates.

Ways to Lower Your Cyber Liability Insurance Premiums

  1. Enable multi-factor authentication (MFA): One of the best ways to keep an account private is to use multi-factor authentication (MFA). An example would be adding an extra step after users enter their username and password. This extra step to access an account creates another difficult hurdle for hackers. It might be a question that only the user can personally answer.
  2. Have an incident response plan: You should prepare for an attack by establishing an incident response plan. It can involve cybersecurity software with automated functions, or you can outsource to a team of cybersecurity specialists that monitor your network remotely. A cybersecurity team connected with a network of other IT specialists can help detect and mitigate the latest cyber threats.
  3. Put a backup plan in place: If your business relies on the internet, you must determine what to do if your internet connection goes down. Having your current and most critical data backed up in at least two off-site places is wise. You should also establish steps for your team during downtime and what to do to restore business continuity.
  4. Remove outdated software: Old software that needs the latest security patches can slow down your system. It's best to update security software, which can be automated when a new version is available.
  5. Have an endpoint detection & response solution: Printers and other network endpoints can be openings for hackers, which most people need to remember. So it's important to build layers of security around all endpoints. An endpoint detection and response (EDR) solution involves scanning software to detect unusual activity.
  6. Train your employees to be cyber-aware: In order to get the best cyber-liability insurance rates, you need to show your insurer that you've reduced cyber-breach risks. One way to do that is to train your employees about cybercrime and how criminals penetrate networks, which often involves tricking unsuspecting employees.
  7. Create a password policy: Set a strict policy on what a password can be in terms of the number and type of characters. The most secure passwords tend to be at least 8 eight characters, with a few special characters mixed in. Part of your policy should be to insist that employees don't give their passwords to anyone. Changing passwords periodically helps reduce cyber risks.

Secure Your Business Now with Knight Insurance

Don't let cybercrime ruin your business plans. By following these tips, you can save money on data protection without compromising the quality of your security. Contact our experts at Knight Insurance Services to find out more about getting the best cyber-liability insurance rates. We have been serving our clients for more than 100 years with the same grit and passion.