The Expert Podcast

• Cyber security and protection are now integral components of corporate governance and best practices.
• Failure to implement cyber defense policies and procedures can expose companies to significant downside risks, including financial losses, liability, and negligence claims.

• Cyber liability insurance necessitates compliance with specific regulations and best practices.
• Ensuring secure logins, devices, and user vetting are crucial prerequisites for cyber insurance.
• Compliance with these standards is essential, not just for insurance purposes but also to mitigate potential losses beyond cyberattacks.

• Failure to adhere to industry best practices can lead to increased liability, extending beyond the company to include vendors, customers, and government agencies.
• Litigation may question whether companies followed standard practices, potentially exacerbating liability issues.

• Managing privileged users and service accounts is critical for comprehensive security.
• Neglecting to identify all privileged users and service accounts can lead to vulnerabilities and exploitation by threat actors.
• Underwriters emphasize the importance of securing small devices, often overlooked in cybersecurity efforts.

• Government and industry groups advocate cyber insurance as a necessity rather than an option.
• A lack of cyber insurance can jeopardize a company's operations and financial stability in the event of a cyberattack.
• Ransomware attacks pose significant threats to both private and public sector institutions, emphasizing the need for robust cyber insurance coverage.

• Collaboration between legal, technical, and risk management departments is essential for implementing effective risk mitigation strategies.
• Following industry best practices not only reduces the risk of cyberattacks but also mitigates liability and legal consequences.

• Companies must prioritize cyber security and insurance to safeguard against financial losses, reputational damage, and legal liabilities.
• By adhering to established best practices and securing comprehensive insurance coverage, organizations can mitigate the impacts of cyber threats and ensure business continuity.