The Expert Podcast

This is huge And we've been talking about this for a couple of years. The risk managers. In the insurance industry. And even in general business have identified that cyber risk is the biggest. Potential damage and the potential downside to business. In 2023. Not fire, not theft, not earthquake not personal injury. Cyber risk is the largest business risk that exists. That means that if you have a business. The thing that has the highest probability of doing the most damage to you. It's not your building burning down not somebody slipping and falling and cracking their head open. Not somebody stealing money from you. It's cyber attacks. And every business has insurance for liability and for fire and for other things on their business. Very few businesses have insurance for cyber attacks. And this is the biggest risk. This something that to judge whether or not you get insurance from your existing agent from a new agent we highly recommend that you look at it Look not because we want to sell insurance, even though that's our business, because for the most part. 90% of the viewers of this video are not going to be in our market area. Right. So you want to get insurance from whoever you can or at least look at it because this is a risk that sneaks up on you You don't see it until it happens. You don't know that you have this potential damage. Like you would potential fire You see, you know, fires happen in your. airy all the time. Businesses burn. People have their windows smashed people get robbed. You see that in the news these cyber risks you don't see, but it's happening more than any of the other ones in some jurisdictions many of the other risks altogether don't equal what cyber can cost you You could be out of business for a week and all your data could be erased and all your customer files could be deleted. And that would cause more damage than somebody smashing your front window. So. Look at this risk. As something that's an eye-opener. Check with your current broker your agent about what it would take to get some coverage. More valuable than the coverage you would get is…the underwriting process will show you where you have potential. Loopholes. For example if you were going to buy fire insurance your fire insurance agent would look around and say don't leave these. oily rags over here. Put a fire extinguisher here and fix this outlet that might cause a fire. They're going to help prevent the fire. Same thing with cyber Your cyber agent will do a. An audit of your business and of your technical specs on your website your routers your modems your phones, to see where you could be attacked. And that will be better, really more valuable than the insurance is the prevention. Because even if you have coverage, if you do have an attack, it's still going to be the worst day in your business Even if you have coverage. So you want to try to avoid it if possible, and your policy will not only help give you coverage. God forbid if something does happen, but also prevent cyber attacks from happening So you don't need the cyber insurance in the first place.