Cyber insurance can be pricey, and it doesn’t always cover everything. Gold Coast IT’s (GCIT) had a critical infrastructure client that learned this the hard way; when the company went to renew its cyber insurance policy, it faced a hefty $105,000 premium for just $2.5 million in coverage that was inadequate.
As the company’s trusted technology adviser, GCIT knew they had to act fast and approach the challenge from a different angle.
How Pax8 Helped
GCIT took a comprehensive approach to their client’s issue. The thing is, it wasn’t that the client’s security wasn’t strong enough. It simply hadn’t made a strong enough case for itself.
GCIT had already been working with Pax8 Academy for over a year to enhance the managed service provider’s (MSP’s) security-focused managed services. Through this collaboration, Pax8 introduced GCIT to the CIS Critical Security Controls, a prioritised set of global best practices designed to strengthen cybersecurity posture.
GCIT combined their internal expertise with the guidance they received from Pax8 to document how their client’s security measures aligned with both the CIS Controls and the Australian Cyber Security Centre’s (ACSC) Essential Eight.
Given this structured, framework-based approach, the insurer gained confidence in the infrastructure company’s security posture. By clearly demonstrating the client’s security maturity and the risk mitigation strategies it was taking, GCIT was able to take Academy’s teachings and apply that to negotiating better insurance terms.
