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Cyber Security Webinar

Everything You Must Know About
Cyber Insurance

Protect your company from massive financial loss or bankruptcy in the event of cyber attacks.

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Wayne Roye and Joe Randall Cyber Insurance Speakers by Troinet

Areas Covered

  • Importance of cyberinsurance
  • Types and coverage
  • Best defense strategies
  • Basic requirements of cybersecurity
  • Basic cybersecurity controls
  • What to look for in a policy
  • Case studies

A proper cyber insurance coverage can protect your business against significant financial loss and bankruptcy.

Over the years, unprepared SMBs have been the primary targets of cyber criminals. Most of them believed that either:

  1. They are unlikely targets of cyber criminals; or
  2. Are simply too busy to plan cyber defense or train their employees.
 

A well-thought out cyber insurance is the best defense. It could also protect you against third party claims, loss of income, ransoms, fines, among others. 

Importance of Cyber Insurance

  • Confidence in customers & partners
  • Cost in event of an incident
  • Immediate access to experts
  • Advanced cyber defenses are becoming more and more essential to secure cover.
  • You can improve your position for cyber insurance by putting into place robust cybersecurity controls.

Small businesses are underprepared

We talked about the reality of small businesses, the importance of cyber insurance and why. But companies are still working from the good enough and “not me” mentality when it comes to security for their business. And that’s why cyber security is very important. 

58% believe they are unlikely targets

Statistics show that 58% believe that they are unlikely to be targeted by cybercriminals. But let me ask you, “If you are going to rob a bank, will you target Fort Knox or a small local bank that has no security guard protecting it?” Hackers know that, and they attack small businesses because they know it is easier to attack small corporations. 

The issue is: large corporations make the news, but small companies do it. They are the ones being targeted. You’re more likely to be targeted than a very large organization.

43% do not have a cybersecurity defense plan and 50% do not provide employee cybersecurity training

First, IT support is not a cybersecurity plan. A plan incorporates IT support but saying you have IT support does not automatically mean you have a plan in place. 

Second, cyber security training is not a conversation in one of the annual company meetings. You should be following a secure practice and reinforce it all through the year through different methods for your organization.

Cyber Insurance Industry Trends

In the past 18 months or so, it’s really been a changing landscape. As we get further down the timeline, we’ve seen some rapid evolutions.

The cyber insurance industry is changing quickly.

There has been a divergence in insurance companies. There are more traditional, established insurance companies whose logos can be recognized by anyone instantly and who have been in the insurance industry for a very long time.

They have multiple lines such as commercial or general insurance products. They might have workers’ compensation. They have business auto and other types of liability.

But cyber insurance is really becoming its own product just recently over the past years. It is breaking off from being a bundled product. The key distinction here is to understand that it is becoming its own entity. It’s not ideally bundled into a package anymore.

Must-Have Cyber Security Controls

Next, what controls you must have in place? During application, many businesses state that they have such controls in place.

But if a claim happens, the insurers will perform a check and if you don’t really have what you say you have, your claim will be denied.

Here are the security controls that you must have in place:

  • Cyber Security and Phishing Awareness Training
  • MFA (Multi-Factor Authentication) 
  • Risk assessments

How this Video will Help You with Cyber Insurance?

  • Gain peace of mind in the face of cyber security attacks by having the assurance that when worst happens, you will have best financial, legal, and technical support to get back and running again – and all for the price of a cup of coffee or two each day.
  • Learn more than just the importance of insurance coverage, but what the best offerings are.
  • Establish both pre and post-incident support to make you resilient and better able to withstand any attack that comes your way.

Troinet | 1412 Richmond Road, Staten Island, NY 10304 | Tel.: 718-761-2780

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