The Cyber Insurance Imperative

MANAGED SERVICE PROVIDERS are the backbone of IT infrastructure for many small and midsized businesses. This past week, the British government took steps to more closely regulate MSPs, but you don't have to wait for Washington to follow suit. In this episode, David outlines what your company can do right now to improve vendor management and safeguard your own network security.

The cyber insurance community has much to be thankful for. In this special Thanksgiving episode, David offers his take on the state of the market and why 2022 hasn't turned out to be the "turkey" for brokers and underwriters that some pundits had predicted.

THE PERPETRATOR OF YOUR NEXT CYBER ATTACK MAY BE WALKING OUT YOUR FRONT DOOR. Departing employees and contractors could prove to be an insider threat, taking their credentials and sensitive data with them. In this episode, David highlights the importance of HR and IT integrating the off-boarding process into a company's cybersecurity program.

IF THEY CAN MAKE IT HERE, THEY CAN MAKE IT ANYWHERE! New York's cybersecurity regulation for financial institutions has become a role model for regulators nationwide. Today, the state's Department of Financial Services proposed another round of amendments to these regs. In this special edition, David breaks down what's in the proposal and what's needed to make sure your cyber insurance coverage responds.

ONE SMALL STEP, ONE GIANT LEAP. A recent report on the state of the cyber insurance market by the National Association of Insurance Commissioners indicates that underwriters are moving in the right direction for the long term sustainability of this product. But that has come at the expense of businesses that are paying more for coverage that is harder to come by. In this episode, David discusses how clients need a true cyber risk advisor who can deliver results in this challenging market.

VENDOR WARRANTIES OR CYBER INSURANCE? WHY NOT BOTH? A growing number of cybersecurity vendors are offering warranties to their customers to defray the cost of incident response in the event of a data breach or other cyber attack. In this episode, David explains why this benefit can help supplement, but is no substitute for, a carefully crafted cyber insurance policy.

They say everything's bigger in Texas, and the lawsuits are no exception. This past week, the Texas Attorney General took aim at Google over its collection of biometric information in alleged violation of the state's data privacy law. Would your cyber insurance policy respond? In this episode, David identifies three coverage provisions to look for.

Lloyds of London was proactive in taking down their network when suspicious activity was detected. But how would your policy respond in the event of a voluntary shutdown? In this episode, David explains why the right wording matters. BONUS: a $10, Starbucks or Dunkin gift card goes to the first listener who can identify all six Shakespeare plays mentioned in this episode!

UNCLE SAM TO THE RESCUE? Federal officials are seeking public comment around a proposal to create a federal backstop for catastrophic cyber losses, similar to what is already in place for acts of terrorism under TRIA. But will the involvement of taxpayer dollars mean a loss of flexibility in underwriting the coverage? In this episode, David explores the pros and cons of a government response.

SPECIAL EDITION: The conviction of Joe Sullivan, former Chief Security Officer of Uber, raises interesting questions for the underwriting of both Cyber and Directors and Officers Liability Insurance. In this episode David offers his thoughts.