Why do only ~4% of small and midsize businesses carry a standalone cyber policy? Host Jeff Edwards digs in with returning guest Eric Cernak (Hanover Insurance Group) to separate myth from reality and lay out practical next steps for SMBs, brokers, and MSPs.

In this episode:

• “We’re too small to be a target” — how modern threat actors actually operate
• Bolt-ons vs. standalone: where coverage (and limits) really differ
• Budget tradeoffs in a hard insurance market
• Why early incident reporting helps outcomes (and renewals)
• Warranties, MSPs, and where to get trustworthy guidance
• One thing you can do today: start asking better questions

Who should listen: SMB owners, CISOs at resource-constrained orgs, MSPs, brokers/agents, and anyone shaping cyber risk decisions.

Resources: Free guides & checklists at SafeHouseInitiative.org (no logins, tracking, or fees)

Hosts & Guest: Jeff Edwards • with Eric Cernak

#️⃣ Hashtags:

#CyberInsurance #SMB #SmallBusinessSecurity #BusinessContinuity #Ransomware #RiskManagement #InsuranceBrokers #MSP #SupplyChainRisk #GenerativeAI #DataBreach #SafeHousePodcast

And that's a wrap on our Cyber Insurance Summer Series! 🎬 In this must-watch conclusion, series co-host Tawana Johnson joins Jeff Edwards to distill the biggest lessons, surprising insights, and actionable advice from our expert guests.

If you're a small to mid-size business owner trying to navigate the complexities of cyber insurance, this episode ties everything together. Tawana walks us through the entire lifecycle—from quantifying risk and applying for a policy to handling a claim and dealing with potential litigation. Find out the key themes that every single expert agreed on and the concrete steps you can take today to protect your business.

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Key Takeaways from the Series

Throughout the series, our experts consistently highlighted several crucial themes:

🔑 Know Your Data: Understanding what data you have and where it's stored is the foundation of your entire security and insurance strategy.

🤝 A Good Broker is Essential: An educated broker is your guide through the application, risk quantification, and claims process.

⏰ Timely Notification is Critical: Report incidents to your broker and insurance carrier immediately to ensure coverage.

⚖️ An Emerging Area of Law: There isn't much case law for cyber claims, making settlements common and expert guidance vital.

🎯 "It's Not If, But When": Every organization, regardless of size, is a target.

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Top 4 Action Items You Can Do Today

Want to improve your cybersecurity posture right now? Our guests recommend focusing on these four things:

Know Your Data: Identify and classify all the data you handle.

Enable Multi-Factor Authentication (MFA): Enforce it for every user on every application.

Maintain Good Backups: Ensure you are backing up frequently and that your backups are secure. This is your best defense against paying a ransom.

Have an Incident Response Plan: Create a plan and have a team in place before an incident occurs. Important: Keep a printed copy offline!

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About The Safe House

The Safe House podcast is brought to you by The Safe House Initiative. We're dedicated to providing insights and practical advice to help organizations become more secure and resilient.

Connect with us:

📧 Email: [email protected]

💻 Website: https://safehouseinitiative.org

Thanks for joining us! Remember to be safe, be resilient, and be kind.

#CyberInsurance #SmallBusiness #Cybersecurity #RiskManagement #DataBreach #IncidentResponse

In this episode of the Safe House Initiative, hosts Jeff Edwards and Tawana Johnson are joined by Ted Brown, a partner at Lavin Rindner Duffield. Ted provides an expert legal perspective on cyber claims, discussing how they are far more complex than traditional insurance claims due to a multitude of moving pieces. He highlights common coverage disputes, such as late reporting and application issues, and stresses that cyber insurance is meant to bring a business back to where it was, not to "make them better." Ted advises that the single most important step for any business is to work with their insurer and legal counsel as soon as an incident occurs, as this can prevent massive headaches and ensure a smooth recovery.

#CyberClaims #LegalPerspective #InsuranceLaw #CyberResilience #SMBs #IncidentResponse #RiskManagement #LegalCounsel #SafeHouseInitiative

In this episode of the Safe House Initiative, host Jeff Edwards and Tawana speak with Jane Warring, a partner at Zel Law, who specializes in handling business interruption (BI) claims. She shares her expertise on the complexities of these claims for small and midsize businesses, emphasizing the importance of documentation and proving causation.Jane also reveals how the cyber insurance market is shifting to favor buyers, offering more competitive and broader policies. Don't get caught unprepared. Learn why your business needs to have the right team in place, including forensic accountants, and how a prompt claim submission can make all the difference in your recovery.#CyberInsurance #BusinessInterruption #Cybersecurity #SMB #LegalAdvice #RiskManagement #ZelLaw

In this episode of the Safe House Initiative, host Jeff Edwards and Tawana Johnson speak with Chris Wood, a partner at Lewis Brisbois law firm, on the complexities of data breach litigation. He reveals that class action lawsuits have surged sixfold and are now targeting small and midsize businesses, not just large corporations. The litigation process often begins with regulatory breach disclosures, with plaintiffs' attorneys focusing on claims of negligence and breach of contract.Wood emphasizes that businesses can mitigate risk by implementing strong cybersecurity policies, conducting penetration tests, and adhering to standards like NIST and ISO. He also stresses that cyber insurance is essential for covering the high costs of legal defense and settlements.#DataBreach #Cybersecurity #CyberLiability #LegalRisk #ClassAction #SMBs #CyberInsurance #NIST #Compliance #LewisBrisbois

In this podcast episode, we feature cyber claims examiner Toni Sukhan as she outlines the critical steps businesses must take when facing a cyber incident. Sukhan, with over 20 years of experience, stresses the immediate need to notify an insurance carrier to ensure coverage and proper handling. She details a multi-disciplinary process involving breach counsel, forensic IT experts, and forensic accountants, explaining how this team manages incidents from initial notification to investigation and recovery. Sukhan also highlights the careful and highly-regulated decision-making process involved in ransom payments, which are treated as a last resort and require thorough assessment, legal compliance, and expert negotiation to mitigate risk and ensure a safe recovery of data.The episode particularly emphasizes the vulnerability of small to medium-sized businesses, which are disproportionately targeted by cybercriminals. According to Sukhan, the most crucial preventive measure for these businesses is maintaining viable and frequent data backups. She likens the cyber claims process to emergency room triage—stabilizing the situation, restoring systems, and then reconciling losses. This structured approach, combined with the expert management of ransom negotiations, underscores the complexity of modern cyber claims and the necessity of proactive preparation and a clear incident response plan.#CyberClaims #Ransomware #Cybersecurity #DataBreach #SmallBusinessSecurity #Insurance #IncidentResponse

Brandy Vargas, Senior Manager of Cyber Solutions at Crum & Forster, offers crucial insights for small to midsize businesses (SMBs) on cyber insurance. She emphasizes that these policies are not like traditional insurance and require proactive engagement. Brandy stresses the importance of thoroughly understanding your policy's nuances, like sublimits and exclusions, to avoid being caught off guard. She also highlights the immense value of the free resources often included with policies, such as phishing simulations and incident response templates, which can dramatically improve an SMB's cyber defenses at little to no cost.The episode also focuses on proper incident response. Brandy warns against the common mistake of reacting to a cyber event by acting alone, as it can jeopardize legal protections and insurance coverage. She strongly advises that SMBs immediately engage their insurer's emergency response teams to ensure the incident is managed correctly and privileged communications are preserved. Her core message is that SMBs must build strong relationships with their brokers and carriers to access expert support, prevent recurring attacks, and ultimately strengthen their cyber resilience.#CyberInsurance #SMBs #RiskManagement #Cybersecurity #IncidentResponse #SmallBusinessTips #CrumAndForster #CyberResilience #BusinessSecurity

In this Safe House Initiative podcast, Brandy Vargas (Crum & Forster) offers vital insights into cyber insurance for small and midsize businesses (SMBs). She blends cybersecurity expertise with insurance risk management, stressing that policies go beyond just limits—SMBs must understand sublimits, exclusions, and nuances.

Brandy highlights the often-overlooked value of free resources from carriers (like phishing simulations) and emphasizes proper incident response. She warns against common mistakes, like wiping systems without insurer involvement, which can jeopardize legal protections and coverage. Always engage your insurer's emergency response teams immediately to preserve privileged communications.

Key takeaways for SMBs:👉 Understand your policy: Look beyond headline limits to sublimits and exclusions.👉 Utilize free resources: Carriers offer valuable tools to boost your defenses.👉 Respond correctly: Involve your insurer immediately during an incident; don't act independently.👉 Keep contacts offline: Have printed copies or offline access to your policy and emergency numbers.👉 Work with expert brokers: Ensure your broker specializes in cyber or involves a wholesale broker for tailored coverage.👉 Be vigilant: Cyber attackers can persist in your environment, requiring thorough remediation.

This episode is a crucial guide for SMBs to not only secure cyber insurance but to actively use its resources and navigate incidents effectively.

#CyberInsurance #SMBs #Cybersecurity #RiskManagement #IncidentResponse #PolicyTips #BrandyVargas #CrumAndForster #BusinessSecurity #CyberPreparedness

In this episode of the Safe House Initiative, we're joined by Heather Mongeau, VP and Director of Cyber Product Solutions at Allied World Insurance Company. Heather takes us deep into the world of cyber underwriting and its critical role.

She clarifies that cyber insurance is more than just financial aid post-incident; it's about proactive risk management, including services like penetration testing and vulnerability assessments. Heather stresses the vital importance of accurately completing cyber insurance applications, especially for SMBs, and highlights how essential Multi-Factor Authentication (MFA) and other strong security controls are for securing coverage.

Key insights you'll gain:

• Underwriting is risk evaluation: It bridges the financial gap and enables business continuity.
• Applications are complex: Accurate details and knowledgeable brokers are crucial to avoid coverage denials.
• Security controls are prerequisites: Lack of MFA and other basics can lead to declined coverage.
• Cyber incidents are inevitable: Preparation is key to minimizing damage and downtime.
• Insurers offer more than just money: They provide valuable pre-breach risk management services and immediate access to incident response teams ("breach coaches") during an attack.

Heather emphasizes that cyber insurance is an evolving field, urging businesses to partner closely with brokers and carriers to find tailored coverage. Don't face cyber threats alone – leverage these resources to strengthen your security posture.

What's one security control your business uses that you think is absolutely crucial for cyber insurance? Let us know in the comments!

#CyberInsurance #Underwriting #Cybersecurity #RiskManagement #SMBs #MFA #IncidentResponse #CyberAttacks #BusinessSecurity #AlliedWorld

In this episode of the Safe House Cyber Insurance Summer Series, we dive deep with Ryan Mercer, VP of Cyber at McGriff brokerage. With over a decade of experience, Ryan pulls back the curtain on the evolving world of cyber insurance.

He explains why many small to medium-sized businesses (SMBs) still aren't getting cyber coverage, shedding light on challenges like broker education and the increasingly detailed application process.

Here's what you'll learn:

✅ The crucial role of brokers: How they're becoming consultative advisors, guiding clients on cybersecurity best practices (like MFA and EDR) to help them get better insurance terms.

✅ Why prompt incident notification is key: Why you must immediately tell your broker and insurer if a cyber incident occurs for smooth claims and recovery.

✅ The truth about cyber insurance: It's not a magic shield that prevents attacks. It primarily helps with the aftermath—think legal fees and recovery services—but it doesn't protect your reputation or guarantee business continuity.

✅ A dynamic market: Understand how this relatively young market is rapidly changing, with new tools like automated underwriting emerging.

This conversation bridges the gap between insurance and effective cybersecurity, highlighting how well-informed brokers are essential partners in navigating today's complex cyber risk landscape.

What's your biggest takeaway about cyber insurance? Share your thoughts in the comments below!

#cyberinsurance #SMBsecurity #Cybersecurity #RiskManagement #BrokerAdvice #MFA