The Expert Podcast

Introduction: Welcome back to another episode where we delve into the realm of commercial liability insurance, specifically focusing on cyber liability insurance. While this topic might not seem thrilling at first glance, the rising tide of cyberattacks demands our attention. According to recent research, global ransomware attacks have hit an all-time high, with a significant surge observed from July 2022 to June 2023. Most concerning is that the majority of these attacks are targeting businesses in the United States, with small businesses being particularly vulnerable. But why should you care? Well, even if you're a small business owner or an individual from a high-net-worth family, you're not immune to these threats.

Market Trends: The influx of investments into cyber liability insurance speaks volumes. For instance, Resilience, a major player in the cyber liability insurance market, recently received a whopping $100 million in investments. Clearly, investors foresee a continuous rise in cyber threats, indicating that this is not just a passing trend. In fact, cyber attacks are predicted to become more common than traditional risks such as fire incidents or slip-and-fall liabilities.

Policyholder Dissatisfaction: Despite the growing need for cyber liability coverage, many policyholders are dissatisfied with their existing insurance coverage. Surprisingly, more than one-third of policyholders are contemplating switching to a new insurance carrier. This dissatisfaction underscores the urgency for businesses to reassess their insurance needs in the face of evolving cyber threats.

Business Opportunity: With the increasing demand for cyber liability insurance and the dissatisfaction among policyholders, there is a significant opportunity for insurance agencies to expand their business. However, it's crucial for commercial enterprises to evaluate their current coverage and consider whether their existing insurance agencies are equipped to handle cyber liability risks.

Audience Engagement: We want to hear from you! If you're a business owner with insurance coverage, share your thoughts in the comments section below. Are you satisfied with your current coverage? Is your insurance agency knowledgeable about cyber liability insurance? Cyberattacks often go undetected, with an estimated 80% of companies experiencing a cyberattack without even realizing it. Let us know your thoughts on the risks posed to your company and whether you factor them into your everyday business practices.

Join us as we navigate through the evolving landscape of cyber insurance and its implications for businesses in the digital age. Stay tuned for more insights and expert opinions on mitigating cyber risks and protecting your assets in an increasingly interconnected world. Visit at Riskcoverage.com

What is The Expert Podcast?

The Expert Podcast brings you firsthand narratives from experts across diverse industries, including private investigators, general contractors and builders, insurance agencies, vehicle specialists, lawyers, and many others.

All right, here we go again with one of our favorite subjects, which is commercial liability insurance, specifically cyber liability insurance. This may seem like a boring subject, but why do I need to be interested in it?

The reason is that the cases and attacks are spiking, according to this new research paper. Global ransomware attacks are at an all-time high, and they surged from July 22 to June 23, so the rates of attacks are going up. Most of them are in the U.S., and a lot of them are small businesses, so even if you're a small company or even an individual with a high net worth family, you're not immune from these attacks.

In addition, the money going into this proves that the investors believe this is going to continue company called resilience major cyber liability company had a 100 million dollar Investments into their cyber liability company and this is because investors know that this is going to continue this is not a short-term event cyber liability attacks are going to go up in fact they're probably going to be more common types of losses for companies than the types of losses companies have had in the past things like fire slip and fall liability injuries cyber attacks are going to be much more common at the same time.

All this is happening because many policyholders don't like their existing coverage. More than one-third of policyholders are considering a new insurance carrier, so put all that together, more tax money is being thrown at the industry, and insureds are not liking their current carrier. This is a situation ripe for business development for insurance agencies. If you are a commercial enterprise and you have insurance, put your comments below.

Do you like your current coverage is your existing Legacy Insurance Agency familiar with cyber liability insurance it's a relatively new product many older agencies are not familiar with it many companies don't even write it for that matter you probably have had the beginnings of a Cyber attack you didn't even know it they estimate that 80 percent of companies have had a Cyber attack without even knowing it and many times these hackers will sit and lurk on your network for months and months gathering information before they attack and lock down your system let us know what you think about the risk that is probable to your company and whether or not it's something that you take into account in your everyday business practice.