As organizations increasingly face cyber threats like ransomware, the need for robust data governance is more critical than ever. One aspect often overlooked is how a well-structured data governance framework impacts an organization’s ability to obtain cyber and ransomware insurance. Insurers now assess a company’s data practices to determine risk and cost, making data governance a financial imperative, not just a security measure. Jeskell Systems specializes in providing comprehensive data governance solutions, helping businesses reduce cyber insurance costs and safeguard their data.
The Rising Cost of Cyber Insurance
Over the past few years, premiums for cyber insurance have steadily risen. Insurers have adjusted their rates based on the growing complexity of cyber threats, particularly ransomware attacks. A company’s data governance strategy plays a significant role in determining the cost of cyber insurance. Poorly governed data environments with weak or absent policies often signal a higher risk to insurers, resulting in steep premiums. Conversely, robust data governance, such as the solutions provided by Jeskell Systems, can act as a financial lever, lowering these costs while enhancing overall security.
How Data Governance Impacts Insurance Premiums
To understand why data governance affects premiums, it’s essential to recognize that cyber insurers need to assess risk accurately. There are many key factors to consider.
Data Visibility
Jeskell’s data governance solutions ensure complete visibility into where sensitive data resides, how it is being accessed, and who has access to it.
Compliance
Is your data governance framework aligned with relevant regulations and industry standards such as GDPR, HIPAA, or CMMC? Jeskell helps organizations navigate compliance to lower risks and avoid penalties.
Data Reporting
Are you able to report quickly and accurately in the event of a breach? Jeskell’s expertise ensures that your organization can demonstrate preparedness, minimizing damage and instilling confidence in insurers.
Companies leveraging Jeskell’s solutions not only manage their data better but also demonstrate their ability to react swiftly to threats, lowering their perceived risk in the eyes of insurers.
What Does it Take to Buy Ransomware Insurance?
Buying ransomware insurance is more involved than a typical insurance purchase. Insurers are now conducting extensive due diligence on an organization’s security posture. To qualify for ransomware insurance, companies typically need multiple pieces at data.
Risk Assessments
Insurers may request regular cybersecurity audits or risk assessments, including a review of data governance policies. Jeskell Systems provides expert assessments to ensure your data governance meets or exceeds insurer requirements.
Incident Response Plans
A clearly defined incident response plan is essential. Insurers look for robust governance policies that outline how data will be handled during a cyber incident. Jeskell ensures your organization has a tested and reliable plan in place.
Documentation
A record of how your organization manages data, including audits, access controls, and compliance efforts, may be required. Jeskell’s solutions include comprehensive documentation to support your insurance application and compliance needs.
Best Practices to Strengthen Data Governance
To both lower premiums and qualify for coverage, organizations should consider implementing storage solutions that maintain immutable copies of critical data. These immutable copies ensure that data cannot be altered or deleted by ransomware, safeguarding the integrity of sensitive information. Jeskell Systems specializes in helping businesses integrate these technologies, providing a reliable way to protect data and reduce exposure to cyber threats.
Another best practice is the use of air-gapped data archives, which physically isolate critical data from networks. This additional layer of protection significantly minimizes the risk of ransomware attacks. By employing air-gapping, Jeskell ensures that your business demonstrates a proactive approach to data governance, a key factor in reducing insurance costs and gaining insurer confidence.
Protect Your Organization and Reduce Costs with Jeskell
Effective data governance is no longer just about compliance and data management—it’s a tool for mitigating risk and controlling costs. Jeskell Systems has the expertise to help you implement strong governance measures, protecting your sensitive information while improving your ability to obtain cyber insurance at a lower cost. Take the time to evaluate your current data governance practices with Jeskell’s expert guidance and make your organization a safer, more insurable business.