September 07, 2022
Reduce your cyber insurance costs with these three things

Techcess Technology Podcast episode 57: Cyber Insurance Need To Knows


Want to reduce your cyber insurance premiums?

mark from m3 Networks talks us through how to keep the insurers happy and paying out!

Did you know, your business is at risk of you losing everything and your insurer not paying out?

Your data may seem totally secure right now.

After all, you're signed up to Cyber Essentials.

I mean, that's what you're paying for, right?

Oh dear.

We might have some alarming news for you.

Your Cyber Essentials agreement may well not be enough to cover you in the event that something happens.

Need a quick brush up on what Cyber Essentials actually is?

Here's the relevant episode.

Three things you need to be aware of to be protected

In this episode we wanted you to be made fully aware of the three things you need to implement if you want to ensure you don't get bad news in the awful event that you need to make an insurance claim!

These are:

Being properly sorted out and paid up in Cyber Essentials.

Ensuring everyone has had necessary Security Awareness Training

Enabling Multi Factor Authentication - yes even you!

 

If you prefer reading to listening, you can download the full printable written-to-be-read transcript of the episode by clicking the below link.

Episode 57 transcript

Mark from m3 Networks talks us through everything we need to know when it comes to being aware of these cyberthreats.

 

In an area with restricted data? Click this for a smaller sized version of the episode.

 

Episode transcript preview

You would have probably already seen the link to the PDF above.

Here's a very quick sneak preview of that transcript of episode 57 

 

"In this episode of Techcess I'm going to explain some of the ways that you can reduce the cost of your cyber insurance by having effective cybercurity protection in place.

Do you have a cyber insurance policy in place for your business or are you considering taking out a cyber insurance policy?

 

Most people won't know this, but cyber insurance premiums have gone up 92% in the last twelve months here in the UK.

 

And one of the problems with cyber insurance is that the insurers just don't have the tools to be able to detect the cybersecurity posture of your business.

 

So how do they know how good your cybersecurity is?

 

How do they see and measure the effectiveness of the cyber security measures that you have in place with your IT provider?

 

One of the things that the insurance industry does understand is that prevention is far better than the cure, because they don't want to pay out on claims.

 

In fact, the insurance industry hates claims. This is the thing that they try and actively avoid. Claims don't just cost them in paying money - actual cash - out.

 

They actually cost them massively in the admin and the effort required to process and manage and investigate claims. There's a few key things here that insurers will be looking out for and potentially asking you for. So when you fill out the questionnaire or whatever, as you do when you apply for your cyber insurance, they may ask you some of these questions.

 

So, three key things;

 

Number one on the list.... of course..."

 

Want to get more 'Techcess' in your business?

Book a free chat with Mark!

Get more valuable technology insights from m3's blog pages, here.

Mark Riddell's technology podcast "Techcess" is an m3 Networks production. Mark and the team have created this podcast to help you and their clients understand how technology can help them in their industry and business, including helping them with cyber security solutions. To find out more about Mark Riddell and the rest of the m3 team, visit them here and follow them on Linkedin.

If you want to get in touch about technology or cyber security, just address an email directly at Mark here. He'll be very happy to hear from you.

Thanks for listening! If you enjoy this episode, make sure you follow the podcast via your favourite app.

Fancy giving the Techcess technology podcast a review and rating? Click here - https://www.techcesspodcast.com 

 

Techcess is a podcast from m3 Networks

Transcript provided by Podknows Podcasting