It’s 2023, the threat of cyberattacks looms larger than ever, and it’s costing companies dearly. The surge in cybercriminal activity, especially ransomware attacks, has led to a sharp spike in insurance premiums. The numbers are telling: premiums for cyber insurance in the United States surged by an alarming 130 percent in the final quarter of 2021, with a similar 92 percent increase in the United Kingdom. These escalating costs are piling onto companies already grappling with inflation across various aspects of their business.
Amid this financial crunch, companies are actively seeking solutions to reduce the strain of mounting insurance premiums. Enter Galaxkey, a cybersecurity powerhouse that’s changing the game. It’s not just about protecting against data breaches and ransomware; it’s about providing comprehensive security that can save companies money.
The Rising Cost of Cyber Insurance
The statistics are sobering. Companies are shelling out significantly more for cyber insurance, a trend that shows no signs of slowing down. This surge in insurance costs isn’t merely an additional expense; it’s a financial burden that’s challenging companies’ profitability and resilience.
In a recent interview with the Financial Times, CEO of Beazley, Adrian Cox said that prices will continue to increase as insurers react to rising claims: “In the last two years cyber criminality has become a real problem in the corporate world through ransomware . . . insurers are reacting to that and working out how to underwrite it,”
Galaxkey: Your Key to Cost Savings
Galaxkey is the solution companies have been searching for. It offers protection against the very threats that are causing insurance premiums to soar. How does it work, and why is it a game-changer for businesses?
Galaxkey is a comprehensive cybersecurity platform that doesn’t leave any gaps. It doesn’t just encrypt your data; it safeguards it with multiple layers of security. This multi-pronged approach ensures that your data remains out of reach for cybercriminals, effectively reducing the risk of data breaches.
Ransomware attacks can paralyze a company and force them to pay hefty ransoms. Galaxkey provides a lifeline by not only helping you recover your data from backups but also preventing extortionists from disclosing sensitive information publicly. This means you can bounce back from an attack without succumbing to the demands of cybercriminals.
Enhanced Regulatory Compliance
In an era of stringent data protection regulations, compliance is non-negotiable. Galaxkey doesn’t just protect your data; it ensures you’re meeting regulatory requirements such as GDPR, HIPAA, PCI DSS, and CCPA. This level of compliance not only shields you from hefty fines but also enhances your reputation as a responsible custodian of sensitive information.
Cost Savings for All
Here’s the clincher: Galaxkey’s comprehensive protection measures ultimately translate to reduced insurance premiums. When insurers see that your company is fortified against cyber threats, they have increased assurance in your ability to handle risks. This can result in substantial cost savings in the form of lower premiums, making your insurance coverage more affordable and sustainable.
In conclusion, Galaxkey is the answer to the increasing insurance premiums that have been burdening companies. It’s not just about cybersecurity; it’s about financial security. By fortifying your company’s defenses with Galaxkey, you can reduce underwriting risk and offer your customers more competitive premiums. As the threat landscape continues to evolve, Galaxkey stands as a formidable ally in the fight against rising insurance costs, ensuring that businesses can thrive even in the face of growing cyber threats.
Ready to Protect Your Business and Your Budget? Contact Us Today!
Don’t let rising cyber insurance premiums drain your resources. Take action now and explore how Galaxkey can help safeguard your business and reduce your insurance costs. Contact us today to learn more and start your journey towards more affordable and effective cybersecurity. Your business and your budget will thank you.