Carlos F. Penate, CPIA’s Post

Cyber is still an emerging risk, and as such, requires a degree of flexibility in underwriting to properly serve the needs of policyholders. In yesterday's congressional hearing, as detailed in The Wall Street Journal by James Rundle and Catherine Stupp, Cowbell's Jack Kudale discussed the evolution of cyber threats and the flexibility that insurers must have to customize their policies accordingly. https://lnkd.in/gPh3qSjD #CyberInsurance #CyberResilience #InsuranceInnovation #MoreCowbell

Cyber attacks are skyrocketing, with over 40% of insurance agencies and other small businesses reporting a breach last year alone. Unfortunately, most small businesses are woefully unprepared, lacking even basic #cybersecurity measures or having the wrong ones in place. This leaves the door wide open for hackers to steal sensitive customer and financial data, hold systems hostage for ransom, and cause costly downtime. As an insurance agent, your reputation and customer trust is everything. A single breach could destroy decades of hard work building relationships. Customer data, communications, and financial information could all be compromised. You could face massive compliance fines, litigation, and customers fleeing for more secure providers. Your business, your customers, and your peace of mind depend on it. At CyberFin we are relentlessly fighting to protect insurance agencies from cyberattacks and compliance fines. That's why we have this free cybersecurity assessment. It's a small and simple first step to your peace of mind. The time to act is NOW.

The "better" actuaries and underwriters will tell their management that because there is not enough credible data, the insurance product should not come to market. At all. (Re)insurers and brokers have been enjoying the safety of the insurance industry generating profit from the sales of cyber insurance over the last 20+ years. That situation will soon come to an end as cyber risks become more complex (and maximum probable losses either hard to estimate or have estimates that result in combined ratios over 100%) and systemic cyber attacks become the norm. Think CrowdStrike on steroids ... #cyber #cyberrisks #systemiccyberattacksthenorm #crowdstrikeonsteroids

Government News reports that cybercriminals will increase their use of AI in 2024 to enhance cyber-attacks. For example, they could use AI to create highly personalised spear-phishing messages which blend seamlessly with an organisation’s internal communication style. We get it – we’re all human, and sometimes we make mistakes, which make our IT security vulnerable. So, to ensure your business can easily recover from a cyber event, we can provide you with a bespoke insurance package to protect your assets. Our policies typically cover incident response support, IT forensics and legal advice, business interruption cover, cyber terrorism and extortion – to name a few. We also have a dedicated team of cyber insurance professionals, who can help cut through all the noise surrounding the issue and simply point out what cover you need for your business and why. Contact us today to chat with our independent cyber security insurance specialists on 0115 798 0786 or visit our website today: https://lnkd.in/eWEzwbf6 #Cyber #Insurance #FinancialProtection

7.6 million current AT&T account holders had their information leaked to the dark web, and if it can happen to AT&T it can certainly happen to you. Bogus emails, bad links and spam calls. One wrong click and what do you do? With ERIE’s new Cyber Suite coverage, you’ll have nine types of coverage to protect your business from common and potentially devastating cyber risks, like data breaches. Let me know if you would like to learn more about how Erie can help protect your business. 443-841-1470 or [email protected] #smallbusiness #businessowner #smallbusinessowner #smallbusinesssupport #insurance #protectyourinvestment #protect #protectyourself #protectyourbusiness #protectyourbrand #protection #lifeisgood #lifeisbeautiful #weprotect #itswhatwedo #itswhatido #dogood #custom #custommade #peaceofmind #customsolutions #crafted #experience #customerservice #customerfirst #customerretention #lifeinsurance #justdoit #att #databreach #darkweb #data #protectdata

Cyber Liability...... are you aware of the threats to your business? Do you have adequate risk management and insurance in place to assist you in the event of an attack? SME and Medium sized businesses are very likely to be targeted by criminals. * Last year, there has been a 64% increase in cyber threats to UK businesses * Most frequent threats are Hacking, Phishing, Malicious Software, Extortion, Fraud * Deepfake AI incidents are also increasing rapidly * Healthcare Sector is a prime target for cybercriminals, as the disruption it can cause and the ability to potentially compromise client data * As recently as June 2024, a major cyber incident occurred within our sector Montane Insurance Services is able to help you. Our recent research and experience tells us that most Care Home operators, do not have a Cyber Insurance policy in place. #montaneinsuranceservices #cyber #cyberinsurance #cyberthreat #cyberliability #sme #ambitionprotectionintegrity

Despite a growing body of data, cyber risk still isn’t well understood, insurers say. Khwaja's Take: Cyber-risk quantification (CRQ) and its oversight is another key element of the Board's Cybersecurity Oversight. It is imperative to oversee both quantitative and qualitative scores to measure cyber-risk. If the boards are not tying cybersecurity to business risk, then you need a board refresh and the establishment of an innovation/technology and cybersecurity committee. What do you think? Christopher Hetner Ravi Hirolikar #CEO #KSgems #CyberRisk #CybersecurityOversight #CIO #CTO #CISO #Tech https://lnkd.in/eAVeW5z2

Cyber insurance assists businesses in reducing risks associated with cyberattacks and data breaches by providing coverage for losses resulting from incidents such as data breaches and cyber extortion. To avoid falling victim to attacks, refrain from clicking on ads and be cautious of phone calls. For more preventive measures, refer to the additional recommendations in the blog. https://loom.ly/UmPGwe0 #preventivemeasures #cyberinsurance #reducingrisks #businesses

Cybersecurity threats continue to be a pressing issue for a variety of businesses and industries – including insurance. Read more in PropertyCasualty360 about the top cyber concerns for insurers in 2024 at the link: https://shorturl.at/T9axC

Data breaches within insurance companies can disrupt operations, damage your brand, and incur hefty fines. Proactive data protection is crucial for long-term success. Implement advanced security measures to deter attacks. #cybersecurity #dataanalysis #fraudprevention #riskanalysis #insurancesystems