A practical guide to strengthening your cybersecurity and lowering your costs
Today, investing in cybersecurity is no longer optional: in Belgium, a cyberattack occurs every 8 minutes. A cyber incident can cripple your operations, damage your reputation, and drive up costs. Yet most incidents can be prevented with a few simple, concrete measures.
That’s why we created this exclusive white paper, designed as a clear action plan for business leaders and IT managers. In just 90 days, you can implement insurer-recognized controls to reduce your risk and prevent your cyber insurance premium from spiraling.
In this guide, you’ll find:
- Priority best practices to effectively protect your data
- Recommendations validated by our insurance and cybersecurity experts
- A pragmatic approach: concrete actions ranked by impact and effort required
The goal
Enable you to act quickly and effectively, while documenting the evidence you need to demonstrate your security posture to your insurer
What are the main cyber risks for a business?
Cyber risks are specific exposures linked to the use of the internet and the storage of digital data. Typical examples for a business include:
- Cyber intrusion (hacking): unauthorized access to your IT environment to steal, alter, or delete data.
- Customer data theft or data leakage: names, addresses, and other potentially sensitive information.
- Ransomware attack: malware encrypts your device or files and demands a ransom for decryption.
- Phishing: an email tricks an employee into disclosing credentials or clicking a malicious link.
- Impersonation/fraudulent identity: an individual poses as your company for malicious purposes.
What does a cyber insurance policy cover?
Wondering whether to add cyber coverage to your business insurance program? Cyber insurance is often essential if your company operates online or processes sensitive customer data. It will:
- Provide incident response assistance in the event of a breach, and
- Indemnify the restoration of your IT systems after a cyberattack.
Depending on your policy wording, business interruption losses resulting from an IT outage may also be covered.
This coverage can include various cost categories: consulting/advisory, incident response, data and system restoration, and even GDPR notification expenses.
How to reduce risk while lowering your cyber premium
Start by assessing your protection level with the checklist of 10 actions to defend against cyberattacks. This will help you baseline your company’s security posture and implement a remediation plan if needed. Prioritize checklist items based on security impact versus effort for your organization to establish a clear order of priority.
Once measures are implemented, contact your broker or insurer to discuss—or revisit—the impact of your action plan on your premium.
