The benefits of cybersecurity are myriad, but a solid security strategy is especially helpful for INTELITECHS’ clients who are interested in securing affordable, comprehensive cyber insurance. Cybersecurity may make it easier to get coverage with lower premiums. It can also remove barriers to payouts if you need to make a claim. Perhaps most importantly, a well-executed cybersecurity strategy makes your business an attractive client to potential insurers.
Many cyber insurance companies now demand a company utilizes advanced protection as a prerequisite to coverage. Common requirements include managed detection and response services, the endpoint or extended detection and response technologies, and next-gen endpoint protection. Whether or not your company utilizes multi-factor authentication is another factor insurance companies consider when deciding if they should offer you coverage.
Managed Detection and Response
If your company does experience a cyber-attack and your insurer does not believe you took proper precautions to avoid the attack, they may have grounds to not pay out your claim. Managed Detection and Response (MDR) technology can help us identify potential IT problem areas, such as out-of-date software, across multiple security layers to ensure we’re doing all we can to prevent a cyber attack. If you do happen to experience an attack in the future, your insurer is much more likely to pay out the claim.
Comprehensive Protection Leads to Lower Premiums
Small and midsize businesses with cyber insurance consistently report that a higher level of cybersecurity at their company leads to lower insurance premiums. A well-protected company is much more attractive to insure. When you utilize INTELITECHS’ 24/7 monitoring, security services, and emergency IT support to create a comprehensive cybersecurity strategy, you can bet potential insurers will take notice. Advanced IT protections also reduce the likelihood of a cyberattack, meaning you won’t have to make a claim that could impact your future premiums.
Securing Affordable Cyber Insurance
Cyber insurance rates are going up, and it’s becoming more difficult to secure coverage. What was once considered a soft market with high capacity and low premiums is hardening, creating higher premiums and a more rigorous underwriting process. Luckily, working with INTELITECHS to create a comprehensive cybersecurity strategy can make your business more attractive to potential insurers. As your managed IT services team, we can also help you determine the type of policy you need to protect your digital assets.
INTELITECHS can help you secure the best cyber security insurance for your company, but don’t delay; premiums are skyrocketing!