The benefits and security of becoming Cyber Essentials accredited are well known to business owners. However, did you know that this accreditation can also help you save money on cyber insurance?
We live in an age where we are urged to take out insurance on just about anything and everything – much of it is of importance. Some we simply ignore because of economic pressures, while others we decide it is not worth the effort.
Minimising the risk
There is, however, the risk of a cyberattack that can have devastating effects on your company. Losing sensitive data or other vital information can lead to unimaginable misery and damage to reputation.
It has been a gray area for cyber insurance, with many companies believing their existing policies cover it. This prompted calls from the regulator for insurers to clearly define whether cyber is covered in a policy or not and, if it is, to make clear what restrictions there are within that policy.
According to insurance companies, cyber incidents and breaches are not covered by anything other than special cyber insurance, which is designed to cover businesses in the event of incidents or breaches.
Taking out a basic cyber insurance policy should cover the costs for things like crisis management, technical incident response and legal issues, while a more comprehensive cyber insurance policy will cover more.
A price worth paying
A business that is Cyber Essentials accredited will usually be viewed favourably by insurers, resulting in a lower premium if it takes out cyber insurance. However, premiums may vary from insurer to insurer.
This is because most insurers recognise that certified Cyber Essentials businesses are proven to reduce the risk of a cyber breach by at least 80%. There is growing speculation that becoming Cyber Essentials accredited will be a requirement for businesses seeking cyber insurance in the future.
Hence, the Cyber Essentials Scheme not only provides simple but effective guidelines to protect against cyber-attacks, but it is also likely to save you money on insurance premiums. As a result, your customers, suppliers, and partners will know how seriously you take cybersecurity.
Interested in applying for Cyber Essentials and carrying out an accreditation?
Please contact us via our website, email info@epx.co.uk or give us a call at 01785 878 311.JTNDZGl2JTIwaWQlM0QlMjJzbGlkZUJ1dHRvbiUyMiUyMGNsYXNzJTNEJTIyc2lkZS1idXR0b24lMjIlM0VHZXQlMjBJbiUyMFRvdWNoJTNDJTJGZGl2JTNF
