Cyber Essentials reduces insurance claims

Insurer data shows that companies with Cyber Essentials controls in place made 80% fewer claims than those without* reports The National Cyber Security Centre (NCSC).  

Cyber Essentials is a government-backed program aimed at bolstering cyber security for organisations. It provides a set of fundamental security controls that help protect against common online threats. These controls cover areas such as network security, secure configuration, access control, and malware protection. 

Cyber Essentials affects insurance claims in the following ways: 

1. Risk reduction: Organisations with Cyber Essentials certification are significantly less likely to experience cyber incidents. By implementing these controls, they mitigate risks associated with data breaches, ransomware attacks, and other security breaches. 
2. Cost savings: Fewer claims mean cost savings for businesses. Insurance premiums are often influenced by an organisation’s risk profile. With Cyber Essentials certification, companies demonstrate their commitment to cybersecurity, leading to potential premium discounts. 
3. Supplier advantage: Many government contracts and private sector agreements now require suppliers to hold an up-to-date Cyber Essentials certificate. This prerequisite ensures a secure supply chain and encourages the adoption of best practices across industries. 

Conclusion 

In summary, Cyber Essentials certification not only enhances security but also directly impacts insurance claims. Organisations that prioritise these controls reap the benefits of reduced risk, cost savings, and improved cybersecurity posture.  

If you’d like to find out how to achieve Cyber Essentials certification for your business, please get in touch. 

*Pathways: exploring a new way to achieve Cyber Essentials

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