The Expert Podcast

…Cyber insurance is much different from other types of business lines insurance policies and this article from property and casually 360 talks about how. Policy holders, reducing their risk is crucial. To getting a good cyber policy and also maintaining the security of your company. Even though you have insurance you don't want to have an event that triggers a claim. For example just because you have fire insurance doesn't mean you're going to be lighting fires in your warehouse because you have insurance You want to protect yourself against the loss of the first place. Even if your claim is paid it's going to be. quite an event in disc. in your business enterprise. This is much more. Prevalent in the cyber risk landscape…In fact The sub-headline of this is today's businesses need to address security issues before they apply for a policy Think about that. Before you even apply for a cyber pile. Prevalent. In the cyber risk landscape…In fact the sub-headline of this is today's businesses need to address security issues before they apply for a policy Think about that. Before you even apply for a cyber policy. They recommend. that you do some things to advance. The security of your cyber systems. This is very good advice. When a potential insurer looks at your business as a risk, if they see you've already taken into account. Many of these cyber risks, they're going to consider you to be. A better potential insured. You might get better coverage You might get a lower. Premium, you might even. Be able to qualify for the policy in the first place. Some companies might even reject you. If you don't have these things in place, certainly you could say well I'll put them in place now. But if they see that you've already taken this seriously premium, you might even. Be able to qualify for the policy in the first place. Some companies might even reject you. If you don't have these things in place, certainly you could say well I'll put them in place now. But if they see that you've already taken this seriously, And I've put these things in place. It's going to put you head and shoulders above other potential insurance. In fact…The things that. You would already do. To protect your business. We'll just be on top of what the insurance company asks you to do after the fact they're going to give you a lot of suggestions and sometimes requirements. That you add and maintain with your business. If those are on top of what you're already done you're just going to be a lot safer. The other takeaway from this article says it's clear that cyber insurance is becoming more essential for organizations. More essential than it talks about what we just mentioned furniture to take on it organization as a client going to be a lot safer. The other takeaway from this article it says it's clear that cyber insurance is becoming more essential for organizations. More central than it talks about what we just mentioned furniture to take on it Organization as a client, the potential insured for. must show that good security controls are in place Otherwise they'll face astronomical premiums. If they're able to get coverage at all, certainly you can hire a. A cyber. Expert to bring put these things in place. But if you do this internally it's going to become part of your corporate culture. Not only will it help you with cyber? security but it will help you have a more disciplined. Corporate structure. It'll be better for sales because you won't. Miss out on potential revenue opportunities and also be better for employee. retention. Which is a big deal in companies. now, because the more you can retain good employees by having corporate structure, it'll be better for sales because you won't miss out on potential revenue opportunities will also be better for employee. retention. Which is a big deal in companies right now, because the more you can retain good employees by having solid secure. Procedures in place. You'll be able to keep good employees. And not let those go somewhere else That has a tighter ship. And the employees that are more lax and maybe don't thrive as well in a secure…stable environment They're going to leave on there. You don't want to retain the slacker employees and let the good ones go You want it to be the other way around and putting good cyber, risk potential. Policies in place. We'll help do both of those things In addition to having more revenue…And, and let the good ones go You want it to be the other way around and putting good cyber. risk potential. Policies in place. We'll help do both of those things In addition to having more revenue. Do both of those things in addition to having more revenue…