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Did you hear about the latest breach? Who didn’t right? For many, however, even if the news is heard, it’s seldom taken seriously—“who cares” right?
It seems that some people and companies are paying attention, taking these notifications seriously, and turning up the “care” dial a bit. They may not be investing in all of the best/right places, but, when it comes to acquiring cyber insurance, the checkbooks seem to be coming out as one means to mitigate (rather, transfer) some of the risk associated with being the potential next company to fall victim to an attack and a breach.
According to our guest for this chats on the road to Las Vegas, Jeffrey Smith, Managing Partner at Cyber Risk Underwriters, there’s been a considerable uptick in the number of policies written, especially at the small/medium business level.
What does this mean, though, in terms of the overall readiness for businesses to deal with an attack or a breach? Does the use of cyber insurance as a tool help companies raise their IT security posture and/or prepare them to respond more effectively when things hit the cyber fan? Are companies buying a policy, or are they establishing a partnership with an organization that will be there with them—and for them—when the event occurs?
And, flipping the coin on its side for a moment, we ask Jeffrey some questions about the status of the cyber insurance products and market compared to the rest of the insurance industry. Do we have the data to make the best decisions when it comes to writing policies, pricing policies, and paying out on claims? Or, are we just kinda “wingin’ it” at the moment, hoping for the best? Do we have the right products available to paint a complete risk management picture (including options like software guarantees), or are we playing with a partial deck of cards?
Jeffrey shares some of his professional views on these questions, and much more—but doesn’t give anything away concerning the three-session micro summit covering the topic of cyber insurance.
The newly-formed cyber insurance micro summit is being chaired by Jeremiah Grossman and is taking place on Wednesday, August 7th, during Black Hat. So, if you want to learn more about cyber insurance from a group of people that know this space like the back of their hands, you’ll have to join Jeffrey and the rest of the micro summit team for their half-day session. Details for the three talks are below.
In the meantime, as you prepare for and make your way to Las Vegas, have a listen to this chat.
Oh, wait, one more thing. Sean and Marco will be playing a game with Jeffrey. Are you going to join us and play along too? 🤔
Cyber Insurance Micro Summit Schedule
50-Minute Briefings | Mandalay Bay CD
WEDNESDAY | 1:30PM
WEDNESDAY | 2:40PM
WEDNESDAY | 4:00PM