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Insurance underwriters, as well as banking and financial institutions, extensively use credit ratings to estimate and manage risks. The higher your credit score, the lower your insurance and loan interest rates. With cybersecurity breaches and hacks at an all-time high, it is no surprise that insurance companies are now creating assessments to help them analyze the cyber risks of potential clients.
In simple terms, insurance companies will now assess your cybersecurity posture to determine your insurance rates and policy terms. If the risk is too high, they can increase the rates or end your policy altogether. In this article, we delve into how cybersecurity score works and why it’s essential for your Chicagoland organization.
Nobody enjoys annual or quarterly visits to the doctor for wellness exams, but you make them anyway. It is an essential part of staying healthy. Regular checkups help you identify any early signs of illnesses and mitigate them before they become serious issues. Similarly, you take your car for regular multi-point checks and oil changes to ensure everything is okay to avoid getting stuck late at night in the middle of nowhere.
It’s not any different when it comes to your technology environment. Proactive multi-point examination of your IT infrastructure to determine your cybersecurity score helps ensure everything is secure. Every modern-day organization should take cybersecurity scores seriously. Here’s why:
As is with most credit ratings, there’s no standard procedure for determining cybersecurity credit scores. However, the following factors help assessors fully understand your cybersecurity posture, which is essentially the primary determinant of the ratings:
You can only safeguard what you know. So, the first thing the cybersecurity credit score assessors will look for is whether you have proper visibility into all your IT infrastructure:
Cyberattacks begin as soon as hackers gain access to your systems. So, what protocols and systems do you have to keep them off, and how strong are these measures? Consider asking yourself the following questions:
Whether you’re maintaining an in-house team or listing external cybersecurity service providers, how qualified are they? Do they have experience in working with organizations like yours?
The cybersecurity insurance credit score assessment team might also want to know if the IT support company has undergone any breaches before and how they handled it. For the best scores, you might want to work with a service provider with an impeccable reputation.
Most data breaches result from employee negligence. Therefore, besides having solid protocols, you should also ensure that your staff is well-trained in detecting and preventing cybercrimes.
Regularly train them on common cyber attack vectors and how to identify them. Cybersecurity awareness also entails your staff’s preparedness to handle actual breaches. You might want to simulate attacks occasionally to measure their readiness levels.
LeadingIT offers 24/7, all-inclusive, fast, and friendly technology and cybersecurity support for nonprofits, manufacturers, schools, accounting firms, religious organizations, government, and law offices with 10-200 employees across the Chicagoland area.
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