The Expert Podcast

Even though cyber liability insurance companies are starting to pull back on making coverage available If you shop around enough you can get a good cyber policy. The companies are starting to really restrict access because they're seeing a lot more claims and a lot more expense And they want to make sure that they understand the market and what the coverages are. So if you're fortunate and lucky enough to be able to get a policy That's good You probably can. But a couple of things to be aware of when you're looking at the policy is first of all if you have more than one available to look at and make sure that you're picking the one that has the easiest to underst language. Cyber liability insurance is the most talked about type of insurance in the current market but it's the least understood. Obviously if you are buying a fire insurance policy and you read that The policy says if your building burns down they'll fix it That makes sense You understand the building fire and And casualty insurance. cyber policies have a lot of tech language in them. So you want to make sure that You understand the language And if you don't that your agent or broker can explain it to you. You want to simplify The terms you want to simplify the understanding of what's covered and what's not covered.
Second of all understanding the risk a lot of small businesses think that they don't need cyber liability policy because they're a small company and that only happens to big companies. In fact it's the opposite A lot of cyber attackers and hackers Target smaller companies because they know That you have a smaller Budget for cyber protection For cybersecurity. large fortune 500 companies They can spend millions On cyber protection. Where a small company may just have their IT guy do some few things in their spare time. The hackers know this And they use it to their advantage So that's why it's good to have an insurance company on your side that can kind of act like that Deep pocketed and deep knowledge resource To give you Insight into what the hackers are doing. Just cause you don't have the budget to do all the research you can kind of piggyback Off the insurance company to know what you need to do. Also be aware that there's other solutions that are available Besides just the indemnification and payback of a loss. You also have resources like incident response The insurance company may have IT people that can swoop into your company If you have an event And basically fix something That's broken. In fact it's probably cheaper for them to do that than to pay Your IT people to fix it because they've done it a million times. Your IT person may not have seen this threat before. See if your policy has that Mitigation as part of the coverage. also access to skilled technical experts that have seen these kinds of risks. So if you're suspicious you may have some type of a cyber event But you're not sure You can tap into the experts at the insurance company. A lot of them will Be able to screen-share Your server and look at it and say no you didn't have an event that was just something wrong with your server or they can look at it and catch it before it gets to be a big deal. And a lot of the insurers we talked to They're finding that less than 5% of their clients are taking advantage of these services. The insurance companies want you to take advantage of them It helps them. So find a policy that gives you access It's like having a free extra IT person you can tap into. And right now it's all you can eat because they're sitting around doing nothing because nobody's using the services. I get it as a small business it's a tough sell You don't want to be paying extra Insurance premiums any more than you already are For something that seems invisible. But think about it this way You have fire insurance on your Business When's the last time you had a fire Yeah it's there for Catastrophic event. Cyber liability insurance In addition to covering that event also gives you more resources To help protect against that every single day. it'd be like if you bought fire insurance and had a fire Marshall standing by at your company every day that you could walk around and look for risks. Cyber insurance gives you that where other types of property and casualty and liability insurance does not. Make sure your company that you pick whoever that is Has all those things risk mitigation Prevention and of course good coverage. Let us know what you think in the comments Do you have a policy. Have you tried to shop for one What are the coverages And have you ever had any events or losses on the cyber realm.