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The rapid transformation of digital technology is creating new challenges within the insurance industry. Companies must evolve and adapt to meet the needs of their clients by leveraging new technologies to stay competitive. However, cyberattacks are becoming increasingly common and costly, and businesses of all sizes are at risk. In 2021, the average cost of a data breach was $4.24 million. This includes lost data, lost productivity, and legal fees.

 One of the best ways to protect your business and reduce the cost of cyber insurance is to implement strong cybersecurity measures. With a robust managed security solution program, companies can often combat the rise in insurance premiums.

Business, Technology, Internet and network concept. Young businessman working on a virtual screen of the future and sees the inscription: Cyber insurance

Protect Your Network and Your Business

When cyber threats expose your network to new risks daily, a managed security provider with in-depth knowledge of the latest cybersecurity issues can help. Trusting a reputable security partner lightens your load by delivering the most innovative managed security solutions to monitor and respond to the most sophisticated cyber threats.

Cybersecurity insurance is no longer optional but can be expensive. Save money on your premiums today by showing the insurance company that you can manage your risk with the following steps:

Take Proactive Measures: By implementing managed security services, businesses can demonstrate to insurance providers that they are taking proactive steps to protect their systems and data from cyber threats. This can lead to lower insurance premiums.

Build an Expert Security Team:  24/7 access to cybersecurity experts is invaluable. A managed security provider can help your business identify and mitigate potential threats. This keeps costly security breaches, that can result in insurance claims, down and your business protected around the clock.

Compliance: Managed security services can help you comply with industry standards and regulations, such as HIPAA, PCI DSS, and GDPR. Businesses that adhere to these standards may be eligible for reduced insurance premiums.

Educate Employees: Prepare your employees to recognize and neutralize potential security attacks. Human error is a factor in most of today’s security breaches. Make education, training, and prevention part of your security awareness strategy.

Address Third-Party Risks: Managed security services can help businesses address third-party risks, which are a concern for insurance providers. By putting strong security measures in place, performing due diligence on third-party security practices and monitoring third-party access to systems and data, companies can reduce the risk of a breach.

Managed security services can be cost-effective for businesses to improve their cybersecurity posture and reduce their insurance premiums. As a trusted partner for mitigating cyber threats and promoting confidence in your customers, we see security as our top priority. We can help you implement and maintain a comprehensive view of your IT infrastructure so you can focus on your core operations. Take advantage of the benefits of our 24/7 expert guidance today.

About Loricca

Loricca offers multiple cybersecurity tools to combat cyber threats. We work with your IT teams to ensure the right tools are integrated throughout your network and technology environments, from cloud data storage to endpoint devices. Contact us today to learn more about our Managed Cloud Services.

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