Why Your Cybersecurity Team Makes Cyber Insurance Easier and Cost Effective

Cyber insurance is becoming a standard line item for financial services firms, but getting approved (and keeping premiums low) isn’t as simple as filling out a form. Insurers want to see that you’re actively managing cyber risk. That’s where your cybersecurity team comes in.

Insurers Want to See You’re in Control

Before offering coverage, insurers look at how well you understand and manage your cyber risk. They’ll ask:

• Do you run regular risk assessments?

• Are your systems patched and monitored?

• Do you have an incident response plan?

Your cybersecurity team is the one who makes sure all of this is in place and documented. Without them, it’s hard to prove you’re ready.

Better Security = Lower Premiums

Insurers reward firms that take security seriously. If your team has:

• Multi-factor authentication across systems

• Endpoint protection and patching routines

• Regular staff training on phishing and fraud

…you’re in a much better position to negotiate lower premiums and broader coverage.

Compliance Is a Big Deal

In the financial services industry, compliance isn’t optional. Whether it’s POPIA, GDPR, or NIST, insurers often align their requirements with these regulations. Your cybersecurity team helps you stay compliant and keeps the documentation tight, so you’re not caught off guard.

When Things Go Wrong, Your Team Steps Up

If there’s a breach, your cybersecurity team becomes your helping hand in order to

• Contain the threat

• Preserve forensic evidence

• Coordinate with your internal team to Detect and respond

This kind of planning can make or break your insurance premiums.

What a Solid Team Looks Like

Whether you build it in-house or outsource, here’s what insurers like to see:

• SOC analysts watching for threats in real time

• vCISO guiding strategy and compliance

• Incident responders ready to act fast

• Risk managers who understand insurance language

It’s not just about having tools; it’s about having people who know how to use them.

Cyber insurance and cybersecurity go hand in hand. If you’re in financial services, having a capable team isn’t just good practice, it’s a strategic advantage. It helps you qualify for coverage, reduce premiums, and recover faster when things go wrong.

Contact us: info@Barefootcyber.com to schedule a consultation or learn more about our integrated cybersecurity services