Pax8 strengthened GCIT’s security approach through proven implementation
Cyber insurance complexities pouring money down the drain
One of Gold Coast IT’s (GCIT) key clients, a critical infrastructure company (who cannot be named for operational security reasons), encountered challenges during the renewal of its cybersecurity insurance. The process was complex and the quote expensive, with a premium of $105,000 for a coverage limit of just $2.5 million, leaving certain crucial aspects of its operation unprotected.
GCIT knew it needed to navigate this intricate process and ensure its client could get the coverage it needed at a more reasonable cost.
‘As an MSP, we are responsible to our end-user clients for addressing the IT obstacles they face. For many businesses, one of these obstacles has been implementing best practice security in a way that doesn’t impede productivity.’
– Elliot Munro, co-founder and partner at GCIT.
A security offering built around recognised frameworks
To overcome these challenges, GCIT’s team engaged in a comprehensive approach to demonstrating its security measures in order to address the insurer’s concerns.
GCIT had been working with the Pax8 Academy program for more than 12 months to improve processes and deliver better security-focused managed services. During these consultations, Pax8 introduced the CIS Critical Security Controls framework. This framework outlines a prioritised and simplified set of best practices to strengthen an organisation’s cybersecurity posture.
With its internal expertise, Pax8 recommendations and industry best practices, GCIT documented how its client’s security measures address CIS Critical Security Controls and the Australian Cyber Security Centre’s (ACSC) Essential Eight framework requirements.
Reduced premium plus increased coverage
As a direct result, GCIT achieved a revised insurance premium for its client, reducing it from $105,000 to $66,500 while doubling the coverage limit to $5 million. This outcome represented a saving of $38,000 and allowed the infrastructure company to focus resources on providing the best possible services, rather than worrying about cybersecurity insurance.
The infrastructure company’s general manager was delighted with the outcome of GCIT’s service, stating, ‘It’s delivered an excellent outcome in an area which is fraught with growing risk for insurers.’
A valued partner approach gives greater results for customers
GCIT’s success story underscores the significance of a proactive approach to security enhancement. By utilising its internal capabilities, a recognised cybersecurity framework and the support of a tailored Pax8 program, GCIT and Pax8 demonstrate how businesses can effectively navigate complex cybersecurity challenges and deliver greater value for their clients.
The case highlights the potential benefits for other businesses facing similar cybersecurity insurance challenges. Through strategic partnerships like the one between GCIT and Pax8, it is possible to turn challenges into opportunities for growth and cost savings.
Gold Coast IT (GCIT) is a team of highly experienced computer security and support professionals serving the Gold Coast and beyond. GCIT ensures its competencies are maintained, to keep its skills in line with the latest Microsoft technologies. Each team member has a specialist area of expertise that collectively ensures the team can provide comprehensive computer security solutions for clients. Learn more about GCIT.