Cyber insurance premiums are climbing fast. Underwriters now demand stronger security controls before granting coverage—and they reward companies that can prove resilience. For executives in the Carolinas, this isn’t just an IT issue; it’s a financial and reputational one.

Why Premiums Are Rising

Carriers have tightened requirements after record ransomware payouts and regulatory fines. Businesses without robust controls face higher premiums—or worse, denied claims. According to industry data, ransomware downtime costs average $8,500 per hour, and the average breach exceeds $4 million in losses.

Three Steps to Lower Your Premiums

1. Implement Insurer-Credited Controls

Underwriters look for:

  • Multi-Factor Authentication (MFA) across all critical systems.
  • Endpoint Detection & Response (EDR) for real-time threat monitoring.
  • Immutable Backups stored offline to prevent ransomware encryption.

2. Formalize Your Cybersecurity Program

Insurers require documented policies and plans:

  • Incident Response Plan: Define roles, escalation paths, and communication protocols.
  • Business Continuity Plan: Show how you’ll maintain operations during an outage.
  • Employee Training: Human error drives most breaches; regular phishing simulations and security awareness training are essential.
  • Build confidence in your team and rehearse your roles if an incident occurs.

3. Validate and Report

Routine security audits and vulnerability scans demonstrate ongoing compliance. Many carriers offer premium credits for verified assessments. If you’re on a managed service plan, you may qualify for up to 30% discounts on cyber liability coverage.

The ROI of Cyber Insurance Readiness

Lower premiums are just the start. Strong controls reduce downtime, protect revenue, and ensure claims are paid when you need them most. Programs like techrug’s “Dual Claims Coverage” even streamline payouts for MSPs and clients under one policy.

Checklist for Executives

  • MFA enabled across all accounts.
  • EDR deployed and monitored.
  • Offline backups tested quarterly.
  • Documented IR and continuity plans.
  • Quarterly security audit completed.
  • Employee training logged.

Ready to Act?

Book your complimentary Cyber Risk Review now at https://spartantec.com/discoverycall