As a modern business owner, you must protect yourself from all sorts of risks: people injuring themselves on your property, cars getting damaged in your parking lot, and mistakes and errors occurring during professional service. 

With the explosion of online business relationships, however, an increasingly crucial part of risk management is cyber insurance. A cyber liability policy protects your organization from cyber-related losses such as hacking attacks or acts of cyber terrorism.
But to be eligible for coverage, you must have basic cybersecurity measures in place. 

Bolstering Cyber Protection Measures at Your Business

As the saying goes, the best offense is a good defense. While cyber insurance provides an essential safety net for security breaches, it’s better to prevent them from happening in the first place. 

In addition, most insurance providers require organizations to meet basic security requirements to qualify for coverage. By boosting cyber resistance at your business, you demonstrate your commitment to lowering risks. This can, in turn, lower your cyber insurance policy premiums.

Identifying Your Risks

Like any risk management plan, a good cybersecurity strategy starts with identifying and analyzing vulnerabilities. Do you have a large staff that may be susceptible to phishing attacks? Does your organization handle energy and utilities at risk for cyber terrorism? Or perhaps you’re worried about competitors or hackers stealing intellectual property or other sensitive data.
A proper cybersecurity risk assessment will ask questions like the following:

  • What are the unique digital risks of your industry and business?
  • Is your IT infrastructure and team prepared for a cyber-attack?
  • What kind of authentication protocols do you require for access?
  • Do you have an official cybersecurity incident response plan?
  • How do you evaluate suppliers and vendors?

Installing a Secure Framework
The first step in strengthening online security is implementing standard security protocols like the following: 

  • Antivirus software: All computers and devices should have antivirus software installed to protect against viruses and malware that can compromise your network.
  • Network firewalls: One of the most straightforward cybersecurity solutions, firewalls block unauthorized access to your network.
  • Multi-factor authentication (MFA): A simple but effective security tool, MFA requires users to verify their identity in at least two ways to log in. 
  • Encryption protocols: A fundamental security method, encryption scrambles data into an unreadable code so it can’t be breached in transit.
  • Password management: Strong passwords and proper password management are basic but essential layers of security against unauthorized access.

Enhancing Cybersecurity Measures 

When you’re wondering how to improve cybersecurity before applying for insurance, having the right IT tools isn’t always enough. Optimizing digital security in today’s digital landscape also requires a commitment to ongoing readiness throughout your organization.

Cybersecurity best practices include the following:

  • Employee training: Even the best cybersecurity plans can tank if your team fails to follow them. Employee cybersecurity awareness training lowers risk by teaching your staff about best practices and current threats while maintaining a secure digital environment. 
  • Regular assessment: Boosting cyber resilience is not a one-and-done strategy. Cyberspace moves fast, but sometimes it seems that hackers move faster. That’s why you must continuously monitor and assess your networks, including conducting regular penetration testing to identify weaknesses.
  • Incident response plans: Following the above cyber defense improvement tips will help reduce your risk of a breach. However, you also need a documented cyber-attack response plan should your security fail. Such a plan lays out the guidelines for managing cybersecurity incidents and restoring normal operations as quickly as possible.

Have More Questions About Cyber Liability Insurance?

Now that we’ve answered how to improve cybersecurity before applying for insurance, Gilsbar is standing by to help with all your business insurance needs. We have over 50 years of experience building creative business risk solutions to help our clients succeed.