The Expert Podcast

Wow, here is how bad cyber liability and cyber risk are affecting companies and even people. The majority of insurance underwriters are predicting that cyber risk will grow greatly in 2024. They did a survey to gauge the severity of the situation.

How bad is it going to be? Bad enough where some cyber risk managers, some cyber defense managers, and cyber security professionals are admitting suicidal feelings. They're hospitalizing security professionals. So, when you have a ransomware attack, it's so bad that if you're a security analyst or security person in your company, you might have to go to the hospital because you have so much anxiety, even to the point of suicide. This is not good, right?

This is a serious problem for executives. If you're in that industry, you want to make sure that you have the proper backup, proper support, and proper resources to ensure that you're not out there on your own. You don't want to be at the mercy of hackers without resources.

Talk about self-care. Self-care means having a team behind you, having risk prevention strategies in place—maybe cyber liability insurance, maybe a response team. You don't want to be in a position where you have so much anxiety that you have to go to the hospital.

The market for cyber insurance is booming because of this. People don't want to be out there by themselves; they want to have something behind them protecting them. Most cyber policies have response teams and constant monitoring.

At least it gives you some sense of security and peace that you're not the only one defending your company against these hackers. They have hundreds of people working against you to find out your vulnerabilities, and you have no chance against them unless you have a good collection of resources and a good team behind you.