Most modern businesses rely on technology in order to meet their client’s needs and to operate efficiently. However, participating in a digital landscape can put businesses at risk from cyberattacks. No business is immune from an attack, and it can happen when you least expect it. Protecting your business from the unexpected is imperative, but how do you protect yourself? There are two ways: a strong cybersecurity posture and insurance coverage to provide that extra cushion when you need it the most. This is where cybersecurity insurance comes into play.

In the event that your business is subject to an attack, it’s good to know that there are additional options out there that provide an extra lifeline to keep your business afloat. Though it is an emerging industry, cybersecurity insurance has become a popular feature that businesses are taking advantage of. Having cyber insurance gives you that peace of mind, but like all insurances, it must be renewed. Are you ready for your renewal?

Steps Your Business Needs to Retain Your Cyber Insurance Coverage

Is your business aware of the changes that have occurred in the marketplace over the past year? This can be a very challenging time for businesses since premiums are on the rise. Higher deductibles, price caps on ransomware coverage, coinsurance and even supplemental applications are a few requirements that insurance companies are putting into place for the new year.

Here are a few ways that you can partner with REDiTECH to retain your coverage and minimize a premium increase with your cybersecurity insurance.

Multi-factor Authentication (MFA): Do your employees work from home, or can they access sensitive data outside of the office? You’re going to want to enable a strong MFA to help streamline access to sensitive data across all apps and channels. If it’s feasible, do it.
Secured Backups and Recovery: To be fully protected, you’ll need to continuously update your systems and practices. For instance, you can establish automatic updates to occur when necessary. As every business is unique, which updates and procedures to follow will depend on your needs and goals. Carriers also want businesses to create a solid disaster recovery plan to minimize any downtime.

Remove End-of-Life Software and Hardware: Software and hardware applications that are no longer supported could cause significant vulnerability to your business. Do you know when they are reaching EOL? Put a system in place to stay on top of your tech.

Dark Web Monitoring: Cybercriminals are good at stealing your information. You’ll want to know if your information is on the dark web. Real-time monitoring can ensure your data and data is safe.

Employee Training: Most security breaches are caused by human error; therefore, regular employee training is necessary. It not only keeps your business safe but helps teach your employees how to identify possible threats.

Let REDiTECH Help You Prep

The time to start prepping for your cybersecurity insurance renewal is now. Here at REDiTECH, our team of experts are ready to help make sure your cybersecurity processes, standards and plans are in top shape. You can rest assured that with our assistance, you’ll get your insurance renewed with no problem. Contact us today to see how.