The Expert Podcast

…Yes cyber insurance rates are increasing according to business insurance Cyber rates are climbing how much ? Well. Cyber coverage is up 60% for optimal risk Meaning that they're. Less severe risk profiles. A hundred percent or more for less optimal risks So if you have a risky business that has a very limited cyber protection. Profile, you may find that your rate quote is a hundred percent higher than it would have been a year ago Now, if you have an existing policy, Many times the rate increase won't be that much because you're already proven. To have some type of risk protection In fact, they may require it as part of their ongoing coverage. So you don't get non-renewed. So cyber rates are climbing the sooner you get into the market and have some kind of coverage even if it's basic, you're likely to be protected from all of. the premium increases. At the same time, you'll also have more…time elapsed. Of having access to the resources that your insurer. We'll offer you…The rate increases…R. Dramatically affected by technical factors, meaning that the underwriting is going to use…A lot of. Technical…platforms to analyze your business It won't just be a questionnaire You answer questions sign it and send it in as a PDF. They may actually interact with your server with your system to see what kind of protections you have They may do some pen tests. On your company. They may want to know what your firewalls are and they may not take your word for it. They might just simply. Send pings to your various servers to see what you have for coverage. So prior to…looking at a policy you might want. do some internal housekeeping. That might get your rate lower It might even get you approved for a policy that you couldn't even, qualify for in the past. So keep an eye on the market for cyber insurance. If you are a business…Within the next two years whether you have coverage now or not, you will almost certainly have to have coverage either by demand or desire or by requirement from clients, government agencies, or just the market in general. So if you don't have a policy now…Govern yourself accordingly You'll probably will have to have one within a couple of years. Is that going to be optional ? So start doing things now that will protect…your budget from having to pay too much for a policy. Because a you haven't had one before. Or be you don't have the…procedures and policies in place. In fact, I'm sure that if you have bought car insurance for the first time, In a long time one of the first questions they ask have you been without coverage for some period of time ? That's going to be a common question also. For cyber liability insurance. Have you been without coverage Because if you have that might negate your ability to get a policy or make it more expensive. Let us know what you think in the comments below.