Cyber Insurance Application Tips: How to Get Approved and Save Money

✅ Application Success

Getting approved for cyber insurance isn't automatic—carriers are increasingly selective. Here's exactly how to complete your application for the best coverage at the lowest price.

📋 Before You Start Your Application

🔍 Security Assessment Checklist

🛡️ Security Controls That Matter Most to Underwriters

🔐 Multi-Factor Authentication (MFA)

What carriers want: MFA on ALL admin accounts, email, cloud services, and remote access
Don't say: "We use strong passwords"
Do say: "MFA enabled on Office 365, AWS, all admin accounts, and VPN access"

💾 Data Backups

What carriers want: 3-2-1 backup strategy with offline/immutable copies
Don't say: "We back up to cloud storage"
Do say: "Daily backups to cloud + weekly offline backups tested monthly"

🛡️ Endpoint Detection & Response (EDR)

What carriers want: Business-grade security beyond basic antivirus
Don't say: "We use Windows Defender"
Do say: "CrowdStrike/SentinelOne deployed on all endpoints with 24/7 monitoring"

👨‍💼 Security Awareness Training

What carriers want: Regular, documented phishing simulation and training
Don't say: "We told employees to be careful"
Do say: "Monthly KnowBe4 training with quarterly phishing simulations documented"

🎯 Application Strategy by Business Size

🏪 1-10 Employees

Focus on: Basic security hygiene

• Microsoft 365 Business Premium (includes MFA + basic security)

• Managed security service for monitoring

• Cloud backup with offline copies

Typical premium: $1,000-$3,000 annually

🏢 11-50 Employees

Focus on: Documented security program

• Written security policies and procedures

• Professional EDR solution (CrowdStrike, SentinelOne)

• Regular penetration testing

Typical premium: $3,000-$8,000 annually

🏭 50+ Employees

Focus on: Enterprise-grade security posture

• NIST Framework alignment

• 24/7 Security Operations Center (SOC)

• Zero-trust architecture implementation

Typical premium: $8,000-$25,000+ annually

❌ Application Red Flags That Kill Your Chances

⚠️ Automatic Rejection Triggers

🚫 No MFA on admin accounts

Instant rejection from most carriers in 2024

🚫 Unpatched critical systems

Operating systems or software more than 6 months behind

🚫 No documented backup testing

"We have backups" without proof they work

🚫 Previous cyber claims

Especially if same type of incident could happen again

🚫 High-risk industries without proper controls

Healthcare, finance, legal without industry-specific security

💰 How to Reduce Your Premium

💡 Premium Reduction Strategies

🎓 Security Training Discount (5-15%)

Implement documented security awareness training with phishing simulation. Most carriers offer meaningful discounts for programs like KnowBe4, Proofpoint, or similar.

🔒 EDR Implementation (10-20%)

Deploy business-grade endpoint detection and response. CrowdStrike, SentinelOne, or Microsoft Defender for Business qualify for most discounts.

📋 Security Framework Alignment (10-25%)

Align with NIST Cybersecurity Framework or CIS Controls. Document your alignment and provide evidence during underwriting.

🏆 Higher Deductibles (20-30%)

Choose a $10K-25K deductible instead of $1K-5K. Most small businesses can handle higher deductibles, and the premium savings are substantial.

🔧 Last-Minute Application Preparation

⏰ 48-Hour Security Sprint

Day 1 Morning

Enable MFA on all admin accounts

Day 1 Afternoon

Test all backup systems

Day 2 Morning

Update all critical systems

Day 2 Afternoon

Document everything for application

✅ Ready to Apply?

With proper preparation, most businesses can get approved for cyber insurance at competitive rates. The key is demonstrating that you take cybersecurity seriously—not just checking boxes, but implementing real protections.