The Expert Podcast

Cyber insurance and cyber protection is becoming a lot more mainstream even a few years ago it was a fringe element of risk management a fringe element of the insurance industry now it's becoming more important and we've talked about this for years where at some point the Cyber risk profile might be the single most type of risk that any company has it's going to be more common than fire more common than liability and more common than personal injury cyber is going to be the primary risk it's not going to be an add-on an endorsement or Surplus line it's going to be the primary risk a company needs to have first of all because it'll be more common right think about the types of scenarios that would happen that would cause liability in your company think about the scenario that would cause a fire in your company it's pretty rare your company can be attacked a hundred times a day on the Cyber side from people all over the world you never even see so it'll be more common plus the damage could be greater if your building burned to the ground we've talked about this before that would be a very serious event very serious uh tragic happenstance but your business isn't defined by the building you could get another building you could rent some space you can get new desk new computers God forbid hopefully nobody gets hurt it burns at night but if your business is Cyber attack that's actually taking the core of your business the intellectual property your customer list your accounts receivable your ordering system if people have to order online through the phones and you can't do that you're out of business a Cyber attack will literally destroy the core of what your business is the building is not really your business.

So more people are getting into this influx of newcomers into cyber insurance is that is that good or bad well in the long run it'll be good because it'll be more of a market but in the short run you have to be careful now because these cyber insurance companies may not have the experience they may not be as uh Deep Pockets so you kind of have to play by ear for the time being use you know tried and true um carriers that you know are going to be at least experienced with insurance some of the newer um insureTech may have some different angles on it that might in a long run be better the good news is there's more options even 2 or 3 years ago it was hard to get Cyber insurance it was a hard market now it's much easier and there's more options if you have questions about cyber protection or Insurance click the link below you can also arrange a consultation with a cyber security person if you want to talk about it in more detail.