In this episode of The Power Producers Podcast, David Carothers and co-host Kyle Houck interview Abe Gibson, Partner & Cyber Practice Leader, and Ryan Dunn, Partner & Vice President of Cennairus Cyber. Abe and Ryan discuss the challenges faced by small and medium businesses in implementing cyber controls, the latest trends in cyber insurance underwriting, and the critical role of virtual CISOs in enhancing cybersecurity and insurance terms.

Episode Highlights:

Ryan discusses the need for agents to assist with underwriting cyber insurance and the role of a wholesaler in gathering and translating information to the carrier to improve insurability for clients. (13:53)

Abe mentions that the perception that open RDP ports are a significant risk factor for ransomware attacks is misguided, as proper security measures such as MFA, strong passwords, and VPN segmentation can effectively mitigate any potential threats. (20:53)

Ryan mentions that the biggest mistake in the cyber insurance industry is agents rushing to submit insurance applications without taking a proactive approach, which includes analyzing and implementing necessary controls to become more secure and insurable. (33:41)

Ryan mentions that partnering with virtual CISOs can not only help clients adhere to compliance frameworks but also improve their insurability rates. (43:50)

Ryan mentions that it is crucial to seize the current soft market as an opportunity to improve processes, educate clients, and become proactive in cybersecurity, to position oneself as a trusted resource for the future hard market. (49:43)

Tweetable Quotes:

“There's a lot of moving pieces, but we're about to have a solution that hopefully doesn't cost any money that you can get the same outcome with.” - Abe Gibson

“This is the time to improve your process. Learn some of these damn cybersecurity acronyms. You know, start being proactive with your clients, educate them. And you'll be winning.” - Ryan Dunn

Resources Mentioned:

Ryan Dunn LinkedIn

Abe Gibson LinkedIn

Cennairus Cyber

David Carothers

Kyle Houck

Florida Risk Partners

The Extra 2 Minutes