So how does this mantra work in the world of cyber security?
According to GlobeNewsWire the global Cyber insurance market for corporates and SMEs is expected to reach $97.74 million of insurance premiums by 2035. That is an enormous amount of money that businesses of all shapes and sizes are expecting to pay insurers, to protect themselves in the event of a breach or attack of some kind.
This isn't just large global corporations spending the majority of this expected premium, over 60% of the premiums are coming from small and medium sized businesses.
Given the scale of spend that all businesses are contributing to insure against the worst case scenario of needing to make a claim because something has gone drastically wrong - what is the spend on mitigating the risk in the first place?
Prevention is definitely cheaper than cure
GlobeNewsWire reported that data breaches cost the average business $4.35m in 2022 and malware attacks on businesses have increased 358% in 2020 compared to 2019.
Whilst network security and all things cyber are on all of our risk registers - how many of us are truly invested in preventing incidents occurring, rather than being resigned to the likelihood of one happening and hoping it isn't too painful?
It isn't that expensive to take some time and check your current provision. ditno have developed a quick, simple and easy to implement Health Check of your network security which doesn't cost the earth.
Prevention makes insurance cheaper - fact.
If you are genuinely in need of some light evening reading, have a look at the terms and conditions of your companies cyber insurance policy. Within the (many) pages of exclusions, limitations and wordings - you will find a clear requirement from the insurance company for your business to ensure it has certain cyber prevention measures in place. This is to ensure that the insurance company is satisfied that you have taken certain steps, which reduces the likelihood and/or commercial exposure of a potential incident (ie a claim!).
The requirements the insurer has, as to the level of protection required to be granted insurance coverage is laughable. To coin a phrase we heard at a recent seminar - “it is like advising that we should all make sure we don't leave our keys in the front door and have our PIN number on a post-it stuck to the front of the card left in the hallway.”
Great advice I'm sure - but madness.
At ditno, we are able to make your network security protection far more visible, relevant, comprehensive and therefore more difficult to be compromised.
Given the entry level requirements for insuring yourself vs the protection ditno can provide - we think this deserves a discount on your cyber insurance policy.
In fact, that is just what we are trying to do.
Connect with us and see how our crusade to have our clients rewarded for the quality of their security provision progresses!