When my son was 16, he wanted his own car. I told him I’d buy him a car if he’d pay for his own gas, registration, and … insurance. Once he saw just how high the premiums are for a 16-year-old boy, he changed his tune.
Those high premiums reflect the simple reality that teenage male drivers are statistically much more likely to get in accidents than any other group of people.
And the same applies to cyber insurance.
A different kind of cybersecurity solution
The cyber insurance industry is quickly maturing, and growing numbers of organizations are seeking coverage.
The best way to think of it is as one element among many that together make up your cybersecurity infrastructure. Technical solutions like firewalls and email gateways mitigate risk by reducing the chances that you’ll fall victim to a cyberattack.
By allowing policy holders to recover financial losses, a cyber insurance policy also effectively mitigates risks related to ransomware and other threats — even though it does not, by itself, reduce the risk of becoming a victim.
Lower risk = lower premiums
Just as with car insurance, cyber insurance vendors offer different policies to different applicants — and the difference has everything to do with how risky those vendors judge you to be.
There are lots of different things that go into insurance companies’ risk assessments, of course. Some of them, such as the industry you’re a part of, are beyond your control. However there are plenty of other considerations that you can control. The key is to understand what those considerations are and which of them have the greatest impact on your assessed risk level.
To get the best coverage with the lowest premiums and deductibles, you need to get that information and put it to work ahead of time. You need to prepare yourself prior to approaching vendors by investing in the solutions and strategies that will have the greatest impact.
Get the details in a new webinar
Just as Barracuda is committed to helping you lower your risk of a successful attack, we also want to help you optimize the risk reduction you get from your cyber insurance policy. That’s why we’re hosting an upcoming webinar devoted entirely to understanding how best to prepare your organization to apply for cyber insurance.
At the webinar, Barracuda CTO Fleming Shi and Principal Product Marketing Manager Stasia Hurley will provide an in-depth discussion of:
- The factors that insurers consider when determining whether you are a high-risk or low-risk prospect — including some that may surprise you
- How to prepare yourself by implementing security best practices across your network, in order to get the lowest premiums and deductibles, and the most complete coverage
- The long-term cumulative costs that can result from approaching insurance providers without being as fully prepared as possible
Plus, they’ll show you an easy way to get an accurate assessment of your organization’s current exposure to ransomware risk, and specific, customized recommendations for minimizing those risks — and making your organization eligible for a higher-value policy.
My son couldn’t change his age. But he did find out that by keeping his grades up, taking extra driving classes, and choosing the right model car (yeah, forget about that classic Mustang, kid), he could lower how insurers assessed his risk, and qualify for a lower-cost, higher-benefit policy.
By attending this webinar, you’ll find out the things you need to do to get the same result when applying for cyber insurance. Reserve your spot at this important webinar today.
Cyber Insurance: Why it pays to be prepared
Thursday, October 13, 2022
10 a.m. – 11 a.m. PT
Tony Burgess is a twenty-year veteran of the IT security industry and is Barracuda’s Senior Copywriter for Content and Customer Marketing. In this role, he researches complex technical subjects and translates findings into clear, useful, human-readable prose.
You can connect with Tony on LinkedIn here.