The Expert Podcast

Cyber risks for companies is a very serious subject Many companies are either avoiding thinking about it maybe head in the sand ostrich style, but cyber risk. In many measurements is actually more probable more likely and even a more severe than any other type of risks could be product liability could be fire. could be premises liability, cyber risk is a big deal. So what is the reality of the marketplace Well this is a great article from financial times saying the corporate world is losing its grip on cyber risk, losing its grip What does that mean? Well, It means it's out of control. Right. And the sub-headlines is even worse. Reasonably priced cyber insurance. That also improves resilience seems to be beyond reach. What this means is that this author is saying that if you're a company, It is difficult to get cyber liability insurance coverage That's reasonable and price. And that's going to help you. cover. Your potential risk or your losses.

If you are a mid or small size company.You should check into rates for cyber insurance. To see what the reality is It may be that it's already too expensive. If you can find a policy that's at all reasonable. We'd recommend locking that in because once you have a policy and the insurer can see your risk many times that helps you retain that policy for renewal two three. from now, it may be difficult to get coverage at all because you're not an established risk. If you've not. Checked for coverage or check for availability of markets. you may want to do that because even if you're not able to get coverage, The questions that are asked by that underwriter will help you. See some of the risks your company might have. Look you might get rejected for coverage in the underwriter might say look your company's too much of a risk We can't. We can't. on this policy. But they'll tell you why it's because X Y and Z, and those could be reasons that help you maybe make some adjustments within your operations within your sales process your it department that could help reduce some of those risks. Maybe that risk reduction will help get you a policy, even if it doesn't, it at least helps you reduce the risk within your company because you don't want to lose your grip. On your company because some hacker or ransomware or some cyber attack. puts you out of business or incurs a huge expense which is unrecoverable.