A diagnosis to save on cyber security insurance

Cyber ​​security insurance is becoming increasingly essential with the digitization of the economy. (Image: Courtesy)

CYBER SECURITY, A BUSINESS IMPERATIVE. Once marginal, cyber security insurance is becoming increasingly essential with the digitization of the economy.

“Before it was fires that generated the most significant damage, now it’s water damage, but in the next few years it will definitely be cyber security,” says Anne Martel, co-founder of the company Alcor & Mizar, which provides commercial damage insurance. advice.

Previously included in the general insurance policies offered to businesses, this type of insurance covering computer-related damages has become widespread due to the many attacks. “Every week I follow a client”, says the one who has worked in this environment for more than 30 years.

She notes that since the pandemic, premiums have more than doubled. Before buying insurance, she strongly recommends that SMEs have their level of protection assessed by a firm that specializes in computer security. According to Anne Martel, check if they are well protected for their emails, their CRM technologies and their transaction page. This will allow them to make the necessary corrections before negotiating.

“The insurance policy is “plastered” on the bobo, she mentions in a telephone interview. So we have to assess whether we are well protected. It’s like a house, the lock must be activated and the alarm system too!”

With this work done upstream, Anne Martel declares that SMEs will pay much less for their cyber attack police.

“A policy can be very expensive,” she notes. For very large companies, this rises to $1 million annually. It is therefore better to invest in our infrastructures to protect ourselves well, and then shop around. And if we are very well protected, we don’t necessarily need a police. »

To learn more about cyber insurance, the Cybereco organization has created a guide on this topic.

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