GCIT and Pax8 partner to lower customer cyber insurance costs

Gold Coast-based provider of managed IT services and support, GCIT, has collaborated with the Pax8 Academy program, achieving substantial insurance premium savings for a client while doubling its coverage.

The GCIT client, a critical infrastructure company, was able to achieve the savings while further enhancing its security offerings and with refined operational efficiency.

Initially, GCIT’s client wanted to renew its cybersecurity insurance, but ran into challenges with a complex process.

The insurer’s quote was also expensive: a premium of $105,000 for a coverage limit of just $2.5 million.

The quote also left crucial aspects of its operation unprotected.

To help its client get the required coverage at a more reasonable cost, GCIT worked to demonstrate security measures to address the insurers' concerns.

GCIT has been working with the Pax8 Academy program for more than 12 months to improve processes and to deliver better security-focused managed services.

During the consultations Pax8 introduced the Centre for Internet Security (CIS) Critical Security Controls framework.

This framework outlines a prioritised and simplified set of best practices to strengthen an organisation's cybersecurity posture.

With their internal expertise, Pax8 recommendations, and industry best practices, GCIT documented how their client's security measures address CIS Critical Security Controls and the Australian Cyber Security Centre's (ACSC) Essential Eight framework requirements.

Working with the insurer, 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 was a saving of $38,000.

As a result, the client was able to focus more resources on services.

The outcome scored GCIT a positive comment from the client’s general manager, who said it "delivered an excellent outcome in an area which is fraught with growing risk for insurers."

GCIT and Pax8 put the outcome down to a proactive approach to security, internal capabilities, a recognised cybersecurity framework, and the support of a tailored program.

The case highlights the potential upside of insurance challenges for other partners looking to elevate their role as a trusted partner by helping clients facing similar cybersecurity insurance challenges.