The Expert Podcast

…In both the insurance and investigative engine industries We see many times. Attempts at hacking or at cyber. liability towards a company. Sometimes it's a government agency. And what we're seeing more and more.

Are that the hackers or ransomware attackers? Are setting the amount of ransom or the amount of loss based on what they perceive to be the amount of cyber insurance. So this is kind of like the old adage of how much you got right When the robber tries to Rob you and they say how much you want how much you got they want to take it all. So the hackers and the ransomware attackers are trying to figure out what the victim cyber insurance is Look and if they have access to your emails in your system they can tell that they can look up an emails. And they ask for an amount that's either right at or just below.

Your insurance policy. So this. Is a good thing and a bad thing First of all it puts your insurance company in the driver's seat where they can decide how to go about doing this It may be cheaper for them to fix your system rather than to pay the ransom. But at least it's not putting it over and above what your out of pocket is. Right.

If you have. You know million dollars in cyber policy and they asked for 5 million. They're probably not going to get it but if they ask for 1 million they know that your policy will kick in because you don't have to come out of pocket. So these are all reasons where cyber liability cyber insurance cyber protection are all changing in the landscape of business security. And whether you go about it from the insurance side to protect you against, if there is a loss or on the prevention side to keep a loss from happening in the first place, being aware of the changing landscape in the cyber insurance and cyber liability realm is important for any small or medium business owner to make sure you're not caught short.

And your business is shut down or financially destroyed.