Cyber breaches and costs have reached all-time highs — and every business faces this risk. Ineffective cyber risk management increases a business's susceptibility to cyber breaches that can bring heavy financial costs, regulatory fines, operational disruption, and reputational damage. As remote work grows and businesses become more reliant on technology to support operations, these numbers will only rise. Just one breach can have massive impacts.
Against this backdrop, cyber liability insurance is quickly becoming essential for many businesses. These insurance policies can be expensive, but the protection they offer can be invaluable in helping your organization withstand and recover from a breach. Learn how cyber liability insurance works, why you need it, and three ways you can reduce your premiums in How to Effectively Manage Cyber Risk to Reduce Cyber Liability Insurance Costs, an article from AuditBoard compliance experts and CISAs Michael Condon and Madison Dreshner.
Similar to auto insurance, underwriters consider several factors when calculating cyber liability insurance, including ways to reduce premiums. Just like there are auto insurance discounts based on driver behavior or safety, there are also methods to reduce cyber liability premiums, including:
- Understanding your organization's data, supporting processes, and relevant risks.
- Obtaining third-party cybersecurity certifications.
- Implementing software and technology to support cybersecurity processes.
Read more about each of these factors — and the impact they can have on your premiums — in your copy of the full article.