The Natural Grocery Company (TNGC) is a leading retailer of organic foods, operating as the parent company for Flannerys Organic Wholefood Market, Kunara Organic Marketplace, and Fundies Lismore. Established in 2015, TNGC has grown to include 13 retail locations. Recently, TNGC faced rising cyber insurance premiums, which had surged by 38% over the past two years. To address this challenge, TNGC conducted a comprehensive cyber insurance gap analysis before submitting their annual application to their insurance company.
TNGC experienced a substantial increase in cyber insurance premiums due to misalignment with insurer requirements. The company needed to identify and address gaps in its cybersecurity practices to mitigate premium hikes and improve its overall security posture.
TNGC enlisted Canary IT to perform a detailed cyber insurance gap analysis. The project involved:
TNGC’s proactive approach with Canary IT resulted in a comprehensive risk mitigation plan, leading to a stable insurance excess and fortified cybersecurity framework.
The gap analysis revealed critical areas needing improvement, including comprehensive information security policies, data classification policies, and the implementation of an Incident Response program with playbooks. TNGC swiftly implemented the recommended improvements, leading to significant benefits:
"We are extremely pleased with the results of the cyber insurance gap analysis. The thoroughness of the assessment and the actionable recommendations provided have greatly enhanced our cybersecurity practices. The significant reduction in our premium increase is a testament to the effectiveness of this approach. We highly recommend this service to any organisation facing similar challenges."
