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Blog
May 1, 2024
Discover the essential cybersecurity training elements that insurers look for and how to build a winning program.
5 min read
Did you know that a successful ransomware attack can now double, even triple your cyber insurance premiums? With threats constantly evolving, organizations require truly robust defensive strategies. To win over insurers and get those rates down, you need training, specifically designed to address the tactics attackers use today. Think targeted attack surface mapping, SOC threat detection, defense against zero-day exploits, and incident response training.
Cyber insurance providers, like all insurers, operate based on risk assessments. They understand that even the best defenses can be compromised, but proactive measures significantly reduce risk:
Effective cybersecurity training addresses these high-risk behaviors, helping organizations:
By addressing these critical areas, businesses reduce the risk of attacks and demonstrate a proactive security posture. Insurers recognize these efforts, often leading to more favorable premiums and coverage options.
Cybersecurity threats are a constant concern for businesses, and cyber insurance is a key tool to mitigate financial risks. However, insurance premiums can be hefty. Here’s the good news: investing in effective cybersecurity training for your employees can significantly lower those premiums. But how exactly does it work?
Studies consistently show a clear connection between cybersecurity training and reduced insurance costs:
According to McKinsey and Company, firms that integrate cybersecurity into their overall risk management and focus on critical threats tied to business processes can significantly enhance their risk mitigation. This approach not only prioritizes key vulnerabilities but also optimizes resource allocation to improve cybersecurity effectiveness and could lead to a reduction in insurance premiums.
Insurance providers are risk assessors by nature. When they see a company actively reducing its cyber risk profile, it translates to:
Let’s consider a hypothetical scenario: Company A has a basic cybersecurity team education program and pays a premium of $50,000 annually. They implement a comprehensive cybersecurity workforce development strategy focusing on the reduction of the attack surface, incident response strategies, and system hardening. After implementing the training strategy, they experience a significant reduction in both the frequency and severity of attacks, thanks to a skilled cybersecurity workforce.
These positive security outcomes are communicated to their insurer during policy renewal. Recognizing the company’s proactive approach, the insurer lowers their premium by 15%, saving them $7,500 annually – not to mention the money saved with employee retention and upskilling. This example illustrates the direct financial benefit of strong cybersecurity training.
Not all training programs are created equal. Here’s what insurers typically value most:
Investing in a robust cybersecurity training program doesn’t just safeguard your business – it provides a tangible return on investment by lowering your cyber insurance premiums. With a well-trained workforce, you present a lower risk profile to insurers, leading to significant cost savings and a more secure future for your organization.
Is your company unknowingly sabotaging its own financial security? If your cybersecurity training hasn’t kept pace with the evolving threat landscape and focuses on theory instead of both a mix of theory and real-world application, the answer could be a resounding ‘yes.’
Outdated training means paying higher premiums and being a more appealing target to attackers. The good news is, the solution is in your hands. Investing in strategic, hands-on training like OffSec offers– training that goes beyond compliance to teach employees to think like attackers– is a key step towards lowering premiums and protecting your bottom line.
Ready to elevate your cybersecurity training and give your insurance premiums a break? Explore OffSec’s hands-on training that builds the proactive skills insurers value by contacting us today.