Assessing your company’s cybersecurity is not only a great way to provide insights into your security posture but can also allow for financial improvements that reduce overall costs.
Did you know that a seemingly minor step such as implementing DMARC (Domain-based Message Authentication, Reporting, and Conformance) could lead to annual savings of up to six figures in premiums? It is indeed possible to identify areas for improvement in an organization’s current cyber insurance underwriting requirements through a comprehensive assessment. This evaluation could potentially uncover solutions that would secure the company’s environment better while also significantly lowering its cyber insurance costs.
Implementing DMARC is just one of the many potential solutions that can be identified during an assessment of an organization’s current cyber insurance underwriting requirements. Cybersecurity assessments involve evaluating the organization’s IT environment, security controls, and risk management practices to identify gaps or deficiencies in the organization’s security posture. The assessment would begin with a review of the organization’s existing cyber insurance policy and underwriting requirements to establish a baseline for the organization’s current coverage. Then, the organization’s IT environment and security controls are examined, including hardware, software, and network infrastructure, as well as its security policies and procedures. The final assessment report would outline the organization’s current cyber insurance coverage, identify areas of improvement, and recommend specific actions to enhance the organization’s security posture, which can be used to negotiate better cyber insurance premiums.
Think of all the ways your company may benefit from those savings! Whether the extra funds are recirculated into more efficient cyber security products or in other ways, they can be used to invest in bettering your business.
To wrap up, an assessment of your company’s current cyber insurance underwriting requirements can provide valuable insights into your security posture and identify areas for improvement. But, most importantly, these reports can pinpoint small tweaks that can greatly reduce overall costs. This assessment should be a regular part of your cyber risk management program to ensure you stay ahead of the evolving threat landscape and ahead of the ever-changing insurance requirements.
Looking for an assessment of your company’s cybersecurity? Reach out to our Security Solutions Group to talk with one of our team members and set your company up for success!
If you need any assistance with understanding the details within the advisory, understanding your current cybersecurity posture, your preparedness for a breach, or any other cybersecurity topic, we would love to have a discussion with you. Contact us today, and let’s chat about your environment and ways to lower your chances of becoming a victim of cybercrime.