Why is proactive risk management crucial for securing better coverage and lower premiums in cyber insurance?
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Why is proactive risk management crucial for securing better coverage and lower premiums in cyber insurance?
Proactive risk management is crucial for securing better coverage and lower premiums in cyber insurance because it involves identifying, assessing, and mitigating potential risks before they materialize into costly incidents. By actively managing risks, businesses can demonstrate to insurers that they are taking measures to prevent cyber threats and reduce the likelihood of a security breach. This, in turn, can make them more attractive to insurers, leading to better coverage terms and lower premiums as insurers perceive them as lower risk entities.