This week, Stephanie Rodin talks with her guest, Sean O'Rourke. They discuss the evolution of cyber insurance from basic coverage to advanced policies, highlighting risks like ransomware, data privacy, and social engineering. They also cover claim denials and AI's growing role in cyber risk, providing a concise overview.

In this episode, we discuss:

• Cyber insurance is a business policy designed to help companies recover from technology and data risks, such as ransomware, data privacy breaches, wire fraud, and other cyber threats.
• The growing use of technology and AI, combined with the rise of scams, makes businesses very vulnerable to disruptive cyber incidents—making insurance essential for financial, legal, and reputational protection.
• Cyber insurance policies cover a variety of risks, including regulatory fines, legal expenses, and civil litigation related to data privacy laws, as well as recovery from direct attacks like ransomware and business email compromise.
• Policies should be established before an incident happens. Promptly notifying the insurer (and your legal counsel) is essential once you suspect or get notice of a breach or claim. Waiting may hurt the ability to have full coverage by the carrier.
• Carriers are adapting to the increases in technology, but they cannot always keep up as technology advances rapidly. Currently, obtaining insurance coverage for emerging fields like AI and cryptocurrency is difficult because carriers require more time and understanding to accurately assess risks.

Sean O'Rourke

Sean O'Rourke is a Cyber Liability Consultant for Combs & Company, an insurance brokerage and consultancy for small- and mid-sized businesses around the U.S. Sean works with companies to mitigate the myriad of risks posed to their technology and data by internal and external threats. Sean spent 25+ years in the IT arena, which included 12 years running the IT firm he cofounded, so he has a unique perspective on the financial, legal, and reputational disruptions faced by businesses in today's interconnected world. Sean also sits on the board of Pancakes for Roger, a veteran-focused nonprofit, and has served as board member for multiple private companies. He's a long-time mentor to students and new entrepreneurs; he's a CrossFit & Spartan coach and competitor, and has recently taken up endurance events.

• Social media
• Instagram: scor1680
• LinkedIn: Sean O'Rourke | LinkedIn