Hackers Aren’t Breaking In—They’re Logging In!

Think your business is safe from cyber threats? Well, think again. Cybercriminals are getting sneakier, and they don’t need to hack through your defenses. All they need is your password, and voilà, they’re in! But don’t worry—Mitigata’s here with some juicy tips (and hard-hitting stats) to keep your business safe and your insurance premiums low.

1. 47% of Cyber Incidents Start with Stolen Credentials

You read that right. Nearly half of all cyber insurance claims stem from identity-related breaches. Forget smashing through firewalls—hackers simply steal, guess, or buy passwords and stroll right into your system like it’s their own. Once inside, they can lock up your data, steal it, or even demand a ransom.

And here’s the kicker: Once they’re in, they can impersonate your employees, access sensitive files, and wreak havoc. No wonder insurers are picky about who they cover!

2. To Get Insurance, You’ll Need Proof of Serious Security

Insurers aren’t just handing out policies like candy anymore. You’ll need to prove that your security measures are up to scratch. 95% of U.S. companies had to invest in identity security before insurers would even consider giving them coverage. Here’s what you’ll need to impress them:

• Least privilege access: Only give people access to what they absolutely need, nothing more.
• Multi-factor authentication (MFA): You’ll need more than just a password to log in—think fingerprints, codes, or facial recognition.
• Monitoring and session management: Keep tabs on who’s doing what in your system, and make sure any unusual behavior is flagged.

Without these, you’re not just risking a breach—you’re risking being uninsurable!

3. Want to Save on Cyber Insurance? AI is Your Best Friend

Cyber insurance premiums aren’t getting any cheaper—in fact, they’ve increased for 50% of companies. But here’s the secret sauce: AI. Companies using AI-supported threat detection are scoring lower premiums, because AI can spot and stop cyber threats faster than any human could. If you can show that your business is using AI to boost security, you could shave a chunk off your insurance costs.

4. 77% of Companies Have Filed Cyber Insurance Claims

Here’s a stat that might surprise you: 77% of businesses with cyber insurance have had to file a claim. So, if you think "it won’t happen to me," think again. Over the last 12 months, 62% of companies filed a claim, and 27% filed more than once! Ransomware attacks and identity breaches are leading the pack.

So if you’re thinking of skipping out on insurance—don’t. The chances are, you’ll need it sooner than you think.

5. Don’t Let a Misstep Void Your Claim

Imagine this: You’ve got your cyber insurance, but a little slip-up means your claim gets denied. Ouch. 37% of companies had their claims denied because they didn’t keep their security systems up to date or didn’t follow the right procedures. Here’s what you should avoid:

• Outdated security controls: If your systems aren’t up to scratch, don’t expect that claim to get approved.
• Misconfigurations: Simple mistakes in your security settings could leave you exposed.
• Reporting delays: Forget to notify your insurer in time? That could void your claim.

6. Cyber Insurance Costs Are Rising—But You Can Beat the Trend

Insurance costs might be going up for half of the companies out there, but those who are smart about their security are bucking the trend. 50% of U.S. companies using AI-driven threat detection have managed to negotiate lower premiums. The more control you show over your security, the better rates you’ll get.

The Bottom Line: Strengthen Your Security, Lower Your Premiums

If you want to keep hackers out, lower your insurance premiums, and avoid denied claims, here’s the plan:

• Tighten up your security controls, especially around who gets access to what.
• Invest in AI tools that help monitor and respond to threats faster than ever.
• Stay vigilant with your security measures to keep your insurer happy.

TAKE ACTION NOW: PROTECT YOUR BUSINESS

Mitigata: Your Saviour

Mitigata is here to help you navigate the world of cyber risks and insurance. Whether it’s boosting your security or negotiating the best insurance deal, we’ve got you covered.?

Want to learn more? Let’s chat!