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

Think you can stay ahead of every cyber threat? Our founder tells a scary story that he was once on an email thread with a major health care provider and a hacker interjected himself into the conversation announcing that his team was holding the health care providers data for ransom. It pays to protect your business with the best cyber monitoring tools. It's important to have access to experts who can help. It's crucial to have financial coverage in case of an attack. Combining all three is a rock solid plan that all but assures your business continues to thrive! #ransomware #cyberattack #cyberinsurance #cyberwarranty CRC Insurance Services Asgard Managed Services

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

On this #NationalInsuranceDay, a great read from James Rundle and Catherine Stupp in the The Wall Street Journal featuring commentary from Jack Kudale at Cowbell. Insurers told a congressional hearing Thursday that they need the flexibility to determine what they will and won’t cover under cyber policies, saying they are still trying to understand the risks associated with cyberattacks. The House Committee on Homeland Security’s subcommittee on cybersecurity and infrastructure protection held the hearing to explore how cyber insurance is being used by critical-infrastructure operators, amid warnings of hacking efforts from China and Russia. Jack Kudale, chief executive of Pleasanton, Calif.-based insurer Cowbell Cyber, said during the hearing that cyber is still an emerging risk, and as such, requires a degree of flexibility in underwriting to properly serve the needs of policyholders. “Over the last 10 years, the terminology in coverage has been evolving, and we’re still not there. Putting limitations and standardization might hurt how nimble we are,” he said. The evolution of cyber threats also means that insurers must have the flexibility to customize their policies accordingly, he added. #cyber #cybersecurity #infosec #infosecurity #cyberattack #insurance #cyberinsurance #Cyberresilience #InsuranceInnovation #TechEOInsurance #MoreCowbell #tech #technology

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.

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

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

Insurers have tightened underwriting standards and raised premiums for cyber policies in recent years. In this article, my colleague Brian Boetig provides comments on the roles of organizations and insurance providers during a cybersecurity incident.

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

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