cyber security insurance premiums vary from one client to another. Factors such as a company’s annual revenues, industry, known data risks and exposure, and computer and network security policies determine how much you will pay.While large firms pay premiums in the tens of thousands of sterling pounds, small firms may pay as little as hundreds of sterling pounds.
The following are some suggestions of what you can do to pay fewer premiums:
ü Shop for the right policy.
Pick a policy that suits your needs. Consider the width of coverage of the policy, and not just the cost. A good cyber security insurance policy should cover your costs in the event you did not have it.
ü Determine the cost of expenses you would like shared.
Make a list of all the areas you would like covered including the cost to you and to third parties.
ü Talk to a reputable cyber security insurance broker.
A good cyber security insurance broker helps you reach affordable premiums by coming up with a policy that meets your needs.
ü Implement any required security measures.
Additional cyber security measures could be required of you by the cyber security insurance firm leading to a reduction in the premiums you pay.
Find out from the cyber security insurance firm if they give reductions in premiums for any year you do not make a claim.