Cowbell’s Post

A major challenge for the cyber insurance market is overcoming its inability to fully articulate the value of its core product, CFC's Dan Trueman says. After record increases in cyber insurance premium rates in recent years, prices across the market are now falling. This comes as ransomware attacks are no longer regarded by insurers as the intractable challenge they once were and as new capital, much of it from non-specialist sources, comes into the market. For Trueman, chief underwriting officer at the London market specialist insurance provider, now is the time for cyber and other specialty lines carriers to reassess their underwriting, distribution, and marketing strategies if they are serious about not repeating some of the more disastrous legacies of previous soft market cycles. https://lnkd.in/ezUkpQEM

🚨 “Since I’m going to get hacked anyway, why bother spending so much money on cyber security? I’ll just get an insurance policy, back up my data, and take the hit.” Let’s help you out with why this is an INSANELY terrible plan… Just a few years ago insurance companies were keeping 70% of premiums as profits and only paying out 30%... But Those numbers have since flip-flopped, and it’s caught their attention! 👉Insurance carriers have made drastic changes in how cyber liability insurance is acquired, and some even predict that cyber-attacks will soon be UNINSURABLE. If that’s been your way of thinking, there’s no shame. But we’ve got to get you in better shape. Click below to schedule a quick and easy FREE 10-minute call and let us help you find out if you are being protected in all the ways you need to be as a business owner. ☎️ https://lnkd.in/djfpgA3u

Want more referrals as an MSP/MSSP? Create value outside of your tech stack. How? Partner with a broker who can get your clients discounts on cyber insurance premiums. A good broker is an invaluable resource to your clients. If your tech stack will lower their cyber insurance costs it can: -Result in word of mouth referrals to your business -Create clients who will be loyal -Get you referrals from the broker (since they know your tech stack can reduce premiums) Best part, it doesn't cost you anything but some time.

The Microsoft Azure outage caused by the CrowdStrike software update will be a litmus test for the (re) insurance industry. Rates have been declining, and more importantly, coverage has expanded over the last 18 months. With many carriers now offering full limits on business interruption and contingent business interruption (interruption of suppliers), there is the potential for significant portfolio-altering losses. More importantly, most carriers right now are flying blind. They do not know how many insureds in their book are potentially affected and what the losses could be. Measured Analytics and Insurance was built to price and, more importantly, quantify the risk of cyber events from business interruption to financial fraud and ransomware.

Almost half of small businesses do not have a Cyber/Data Breach insurance policy. Very few things can destroy your business overnight. A data breach, however, can destroy years of hard work in an instant. And your small business insurance policy likely doesn't cover it. Why purchase a Cyber policy? Give us a call at 913-722-2111 for a free, no-obligation quote to protect your small business. [email protected]

Good (less than 1 min) read about the likely financial losses associated with the recent CrowdStrike cybersecurity event on global businesses, including the financial impact on cyber insurance carriers and reinsurers. Thank you CLM Alliance (Claims and Litigation Management Alliance) for publishing.

🚫 Avoid These Common Business Insurance Mistakes! 🚫 🔐 Many businesses overlook critical aspects of their insurance policies, leading to gaps in coverage. Here are 5 mistakes we see many business owners making and how you can avoid them to ensure your business is fully protected 🔐 1️⃣Underinsuring: Opting for minimal coverage to save costs can leave businesses exposed to significant financial risks during claims. 2️⃣Failing to Update Policies: As businesses grow or change, not updating coverage leads to gaps in protection. 3️⃣Realizing Industry-Specific Risks: Every industry has unique risks. Overlooking these can result in inadequate coverage. 4️⃣Overlooking Cyber Risks: Many businesses fail to add cyber insurance, leaving them vulnerable to digital threats. 5️⃣Choosing Price Over Value: Going for the cheapest policy often sacrifices important protections, leading to costly consequences later. 💡One way to help minimize your risk is not getting “quotes” to find the best deal but rather interviewing brokers to find the best fit for your #BusinessInsurance needs in a way that you can feel like you are in a partnership of trust rather than just “buying insurance”.

Been going down the cyber insurance rabbit hole today. It's an incredibly inefficient market. Premiums are spicy. And when folks experience a cyber event of any magnitude, they discover their policy turns out to be pretty worthless. Most agents don't understand what they're selling. So it's really in the hands of business owners to figure out who to get guidance from. Not just on policy, but preventative measures. Because again, most claims don't get paid. It's a bit of a mess.

“Cyber is still viewed as having the greatest potential for growth in the P/C industry, with direct premiums written (DPW) estimated to reach $15 billion by 2025. But with this growth comes a great deal of risk and uncertainty. It’s how to deal with this uncertainty and to explain it to capital providers, both traditional reinsurance or retro and insurance-linked securities (ILS) investors, that has turned out to be a key piece of the puzzle for fostering growth of cyber insurance coverage.” #cyberinsurance

Would you like to learn more about Cyber Insurance? Have time for a zoom meeting tomorrow morning? I know it is last minute, but I am putting on a 10-minute presentation tomorrow during my Michigan Business Leaders Meeting from 7am-8.30am. Would you like to learn more? PM for the meeting link!