John Kreuzer’s Post

I am, to coin an English term Royally confused. We want to see growth in cyber insurance GWP; cyber risk is an emerging risk that requires the insurer to have underwriting flexibility; Insurers are becoming more selective in the clients they take on; lawmakers are skeptical about regulating elements of cyber policies; government is discussing the need to create a Federal backstop and becoming the insurer of last resort; cyber attack frequency and complexity is rising unabated, with no signs that cyber insurance is going to do anything more than act as a right of bang solution. We now have cyber regulation, transferring cybersecuirty 'Left of bang'. The only clarity one sees ahead for the cyber insurers and the insured; is there is no clarity over how organisations will manage cyber risk and cyber risk transfer. When cyber insurers are in the perfect position to support their clients manage cyber risk. Thaddeus Dziekanowski Brian D. McCarthy Veritas GRC #cybersecurity #cyberinsurance #cyberriskmanagement

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

First American fined $1M by NYDFS over 2019 cybersecurity breach. A title insurance company has agreed to pay a $1 million fine and enhance compliance measures following allegations of inadequate protection of customers’ personal data, particularly during a cybersecurity breach in 2019. First American Title Insurance Company, the nation’s second-largest title insurer, reportedly failed to address a known vulnerability on its proprietary storage platform, EaglePro, before a cybersecurity journalist uncovered the issue months later, as per the New York State Department of Financial Services (NYDFS). Read more about the Cybersecurity Breach: https://lnkd.in/g2nXRJgE Don’t wait till you get hit by a cyber-attack give us a call to get your business secure. Employee Security Awareness Training: https://lnkd.in/gSSZhUBE https://jndsupport.com | 1.888.288.3007 | [email protected] #cybersecurity #Securityawareness #JNDSupport

What if You're Wrong ? Does your company continue to roll the dice with #cyberinsurance ? Sophos reports that Cyber recovery cost exceed the amount of insurance that companies have. CYE states that 80% of businesses are underinsured with their Cyber Insurance, and in extreme cases by 3,000%. Guessing on #cyberlimits is a dangerous game costing your companies $ millions in unpaid claims. Underwriters are doing their part insisting that #cybersecurity is increased. #CRQ (Cyber Risk Quantification) is imperative, however Cyber Insurance Assessment and Financial Risk Evaluation should be mandatory. At The Tech Collective we dive deep into security and liability assessments, helping #MIS providers and their clients to #GetItRight ! The Tech Collective, U.S. Secret Service, Federal Bureau of Investigation (FBI),U.S. Department of Homeland Security https://lnkd.in/ei5BhXwv

#AXIS Head of International Cyber Claims Duncan Pease published an article alongside Tony Kriesel featured in Insurance Day discussing the evolving cyber market and how cyber insurance extends beyond risk transfer, providing value-added services. Duncan and Tony emphasize the importance of continuous engagement, stricter standards, and access to pre-approved vendors to help companies mitigate and manage cyber risks effectively.       Read the full article here:  https://lnkd.in/eh3RRmMW    #cyberrisk #SpecialtySolutionsElevated   

I wholeheartedly recommend reading the new whitepaper from Zurich and Marsh McLennan. The global cybersecurity landscape is indeed severely lagging behind the ever-increasing threats and without a combined action of the public sector and the technology companies, our economic stability is at risk. As a security product provider, we are facing daily the challenge of raising customers' awareness about the threats and having to push them very hard to adopt better protection mechanisms. Insurance companies can only keep offering their cyber insurance services at higher and higher prices if the incidents continue to grow in number and size. Only a combined effort of regulators and service providers will give us a chance to improve the status quo. If you want to get ahead of the game and protect yourself today, get in touch to get some help improving your security posture.

In today's digital age, cyber threats are a growing concern for businesses of all sizes. Cyber insurance is no longer a luxury; it’s a necessity. The immediate impact of a cyber attack and its flow-on effects can seriously hinder a company’s ability to operate, which is where Delta's Cyber Liability policy is called to action. We even have coverage options for a wide range of occupations including healthcare, media professionals, and software and technology providers. And our breach response service includes cyber specialists, forensic experts, lawyers, and PR consultants who exclusively focus on assisting Insureds through an incident. Read more below or contact Miro Dordevich or Joanna Quigan for a quote, or chat today! https://lnkd.in/drNubyHX

🔍 Within cyber insurance, brokers face new complexities that demand a deeper understanding of policy nuances. 🛡️ As highlighted in this article from Insurance Business America the shift toward expanded coverage in a competitive market means it's crucial for brokers to examine the fine print closely. Matt Donovan, RPLU, EVP, Amwins Brokerage, emphasizes that while the market is softening, hidden exclusions could significantly impact clients in the event of cyber incidents. With cyber threats on the rise, ensuring robust coverage—especially for dependent business interruptions—has never been more vital. Dive into the details and discover how staying informed can protect your clients from the unexpected! 💡 https://hubs.li/Q02VyRkC0 #CyberInsurance #InsuranceBrokers #RiskManagement

Are you keeping pace with the cybercrime evolution? My latest contribution to FAnews Magazine-Online was informed by two excellent presentations to #InsureTalk46, an insurance event hosted by CN&CO. Macleod Burrill, CEO of CYBER SAFE CONSULTANTS, started his talk with a harsh truth: "Many of the criminal syndicates involved in cybercrime are run like de facto businesses; they operate from offices with large staff complements, all working long shifts to meet targets." Burrill described the growing cyber risks faced by businesses, especially SMMEs, saying that no company or individual was exempt. He warned that cybercriminals were continuously looking for ways to compromise your IT security. The second presentation was given by Sarel Lamprecht, PHISHIELD UMA. He singled out cybercrime as an ever-growing risk, noting that various stakeholders had made decent strides in combatting the risk through cybersecurity and insurance solutions. Lamprecht emphasised that a well-rounded cyber insurance policy covers everything from business interruption (#BI) to regulatory penalties, helping businesses recover after a breach. Both presenters agreed that education was an excellent weapon against the cybercrime surge: “You are only as strong as your #HumanFirewall!” You can read the full write-up here: https://lnkd.in/dP7HTAYX #CyberRisk #Cybersecurity #Insurance #Cybercrime #RiskMitigation #SMME #DataProtection #CyberLiability #CyberInsurance

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