Guardians of the Data: Safeguarding Businesses Against Cyber Attacks

 Introduction:

• Highlighting the significance of cyber risk in today's business landscape.
• Emphasizing the insights from risk managers in various industries regarding cyber threats.
• Cyber risk surpasses traditional perils like fire, theft, and personal injury in terms of potential damage to businesses.

The Reality of Cyber Risk:

• Cyber risk emerges as the foremost threat to businesses in 2023, as identified by insurance and business risk professionals.
• Unlike visible risks such as fires or thefts, cyber threats often go unnoticed until they strike, making them particularly insidious.
• Many businesses are inadequately insured against cyber attacks, despite their prevalence and potential for severe damage.

Importance of Cyber Insurance:

• Encouragement to explore cyber insurance options, regardless of the insurance provider.
• Highlighting the need for businesses to assess their exposure to cyber risk and consider appropriate coverage.
• Unlike conventional risks, cyber threats can result in significant business interruptions and data loss, making insurance coverage crucial.

Beyond Coverage: Prevention and Mitigation

• Stressing the value of cyber insurance beyond financial protection, including proactive risk assessment and mitigation.
• Comparing cyber insurance underwriting to fire insurance inspections, emphasizing the role in identifying vulnerabilities and preventing attacks.
• Recognizing the proactive measures taken by insurers to enhance cybersecurity posture and minimize the likelihood of cyber incidents.

Conclusion:

• Emphasizing the importance of viewing cyber risk as a critical business concern.
• Encouragement to engage with insurance brokers to understand cyber insurance options and undergo risk assessments.
• Highlighting the dual benefits of cyber insurance in providing coverage for potential incidents and enhancing overall cybersecurity resilience.

If you have questions or want to delve deeper into today's topics, visit at RiskCoverage.com for additional resources. Until next time, stay insured and stay informed!

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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.

This is huge and we've been talking about this for a couple years the Risk Managers in the insurance industry and even in general business have identified that cyber risk is the biggest potential damage and the potential downside to business in 2023 not fire not theft not earthquake not personal injury cyber risk is the largest business risk that exists that means that if you have a business the thing that has the highest probability of doing the most damage to you is not your building burning down not somebody slipping and falling and cracking their head open not somebody stealing money from you it's cyber attacks and every business has insurance for liability and for fire and for other things on their business very few businesses have insurance for cyber attacks and it's the biggest risk

This is something that's huge whether or not you get insurance from your existing agent from a new agent we highly recommend that you look at it look not because we want to sell insurance even though that's our business because for the most part 90 of the viewers of this video are not going to be in our market area right so you want to get insurance from whoever you can or at least look at it because this is a risk that sneaks up on you you don't see it until it happens you don't know that you have this potential damage like you would potential fire you see you know fires happen in your area all the time businesses burn people have their window smashed people get robbed you see that in the news these cyber risks you don't see but it's happening more than any of the other ones in some jurisdictions many of the other risks altogether don't equal what cyber can cause you you could be out of business for a week and all your data could be erased and all your customer files could be deleted and that would cause more damage than somebody smashing your front window so look at this risk as something that's an eye-opener

Check with your current broker your agent about what it would take to get some coverage more valuable than the coverage you would get is the underwriting process will show you where you have potential loopholes for example if you were going to buy fire Insurance your fire insurance agent would look around and say don't leave these oily Rags over here put a fire extinguisher here and fix this outlet that might cause a fire they're going to help prevent the fire same thing with cyber your cyber agent will do a an audit of your business and of your technical specs on your website your routers your modems your phones to see where you could be attacked and that will be better really more valuable than the insurance is the prevention because even if you have coverage if you do have an attack it's still going to be the worst day in your business even if you have coverage so you want to try to avoid it if possible and your policy will not only help give you coverage God forbid if something does happen but also prevent cyber attacks from happening so you don't need the Cyber Insurance in the first place.