Podcast Show Notes: SMB Cybersecurity Authority Podcast

Episode Title: Navigating the World of Cyber Insurance with Will Brooks

Hosts: Steve Deal and Will Brooks

Links:

Arch Access Control Website

Fifthwall Solutions Website

SMB Cybersecurity Authority Email: [email protected]

Email Steve: [email protected]

Introduction

• Steve Deal introduces the SMB Cybersecurity Authority Podcast.
• Focus: Cyber insurance for small to medium-sized businesses (SMBs).
• Will Brooks gives an overview of Fifth Wall Solutions, specializing in cyber insurance as a wholesaler.

Audio Setup Discussion

• Deal and Brooks discuss their podcast recording equipment: microphones, mixer boards, audio interfaces.
• Reflections on their past podcasting experiences and the evolution of the medium.

Cyber Insurance Complexity

• Will Brooks delves into the intricacies of cyber insurance, particularly during the pandemic.
• Challenges faced by carriers with increased claims and the subsequent tightening of security requirements.

Personal Journeys in Insurance

• Brooks shares his transition from disliking traditional insurance to developing an interest in cyber insurance.
• Steve Deal talks about his pre-pandemic interactions with insurance companies seeking guidance on selling cyber insurance.

Challenges for Brokers and Clients

• Discussion on the hurdles for brokers in aligning diverse carrier requirements with clients' needs.
• Emphasis on no "one-size-fits-all" solution due to various factors like business age, revenue, industry risks, etc.

Cybersecurity Standards and Practices

• Baseline standards for cyber insurance: multifactor authentication, segregated backups, patching vulnerabilities, security training.
• Steve Deal underscores the alignment of these requirements with ten fundamental cybersecurity practices for SMBs.

Concerns of Small Business Owners

• Steve, as a small business owner, raises concerns about affordable cyber insurance options for micro-sized companies.
• Will Brooks discusses the inadequacies of adding cyber liability as a rider and stresses the importance of standalone policies.

Role of Wholesalers and Integration of Cybersecurity Strategies

• Will elaborates on the role of wholesalers in bridging gaps between carriers and agents.
• The importance of integrating cyber insurance into overall cybersecurity strategies.

Broker Education and Specialization

• Challenges faced due to the lack of cyber insurance knowledge among brokers.
• Importance of having a dedicated cyber expert in insurance agencies.

Cybersecurity Solutions and Business Continuity

• Steve shares an experience assisting a company with a ransomware attack.
• Discussion on coverage for expert costs in cyber insurance policies.
• Focus on business continuity and collaboration between security providers and forensics teams.

Incident Response and Management

• Will Brooks emphasizes understanding notification laws and incident response steps.
• Role of insurance companies in incident management, including hiring teams and PR professionals.

Recommendations for Enhancing Cybersecurity

• Steve suggests implementing MFA, security training, and timely patching.
• Insurance carriers' growing demands for advanced cybersecurity measures.
• Assurance that cybersecurity practices can be simple yet effective.

Closing Remarks

• Recap of key points discussed.
• Invitation for listener feedback and questions for future episodes.