A cyber attack can be catastrophic for a business. Even a minor data breach can cause major headaches and financial losses when the cleanup costs are taken into account. And if you are not a tech-savvy business owner, determining your risk or identifying the source of an attack is quite complicated. And that’s why you need cyber insurance.
While you look for the leak, your cyber insurance policy will deal with the financial damages caused to your company and even your clients. Cyber insurance covers you from data breaches, security-related incidents, and IT downtime instead of the standard office equipment covered by a typical commercial general liability or professional liability policy.
Any organization that offers IT services or online data-related services can greatly benefit from cyber insurance. The only problem is finding cyber liability insurance in Alberta that can address your business’ requirements within your budget.
Tips to lower the costs of your cyber liability insurance in Alberta
Cyber liability insurance in Alberta can range anywhere from $200 to $1,000, depending on the type of coverage and the size of your business. But here is the best way to optimize your budget and get the most out of your policy.
Work with a business insurance broker
Business insurance brokers will audit your cyber insurance with a fine-toothed comb and find ways to fit it into your company’s budget. But remember not to settle for an insurance agent who simply quotes prices without customizing your policies. Instead, work with an independent business insurance broker to get the best coverage for your needs.
Implement a strong password control policy
Giving your employees consistent guidelines for creating passwords will not only help you reduce overall insurance costs but also create a much stronger security stance in your organization.
You must also consider implementing numerous levels of authentication to control who can log in to systems within your company.
Showing your organization is exposed to fewer cyber threats can drastically bring down your cyber liability insurance costs.
Use enterprise-level cyber protection solutions
Some of the biggest costs in cyber liability insurance coverage are related to data breaches. Those big costs can be lowered by smart proactive cyber habits and technologies. It may be tempting to go for minimal cybersecurity protection, but well-supported, multi-virus protection solutions are the only ones that will actually help you save money in the long run.
Installing enterprise-level antivirus and antimalware applications such as Symantec Endpoint Protection, Sophos Antivirus, McAfee VirusScan Enterprise, etc. could be one of the best investments you will make to control your cyber liability insurance policy costs.
Have a cybersecurity incident response plan
A cybersecurity incident response plan will help you turn a crisis into an opportunity. The more prepared you are, the easier it will be to contain a cyber attack and recover from it – before the incident spirals out of control.
Another goal of the incident response plan is to slow an intruder’s progress and disrupt their mission. In some instances, this may mean they accomplish nothing at all. That’s why some companies even design their incident response plans in such a way that the intruders are forced to abort their mission.
Comply with data privacy regulations
It is a long shot but your insurer can deny your insurance claim if you weren’t compliant with cybersecurity regulations at the time of the breach. They can use this claim as a shield to avoid paying for any damages incurred, leaving you paying for the hefty damages from your own pocket. But staying compliant with data privacy regulations will not only reduce your exposure to cyber threats but also lower your costs of cyber liability insurance in Alberta.