Cowbell’s Post

Happy Friday! We are happy to share our insurance team's our latest success story! 🏆 A fledgling home care business approached us with a pressing need: $1M cyber liability coverage to comply with state regulations before kickstarting operations. 🚀 Here's how SeedPod Cyber helped: Swift Turnaround: We worked to deliver quotes promptly, ensuring they met their operational timeline. Market Mastery: Our established connections in the cyber insurance domain streamlined the process, securing the best terms available. Professional Guidance: We didn't just provide coverage; we illuminated the product's nuances to the applicant. Clear, concise explanations ensured they comprehended their coverage in full.   It's not just about obtaining insurance; it's about empowering businesses with knowledge and tailored solutions. Stay tuned for more success stories and industry insights in our journey toward making insurance accessible, understandable, and indispensable. #SeedPodCyber #CyberInsurance #MSP #IntelligentCyberInsurance  

🚨 “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.

“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

Discover Your Growth Potential with SecondSight's Cyber Commission Simulator With the complexity of cyber insurance, it's crucial to have a tool that not only simplifies your projections but also reveals untapped opportunities within your book of business. Our simulator is designed to do just that, allowing you to input specific client details, operational regions, and industry focuses to accurately project your potential earnings through dynamic, data-driven insights. Benefits At Your Fingertips: ✅ Simplify Complex Projections: Navigate cyber insurance projections effortlessly. ✅ Tailored Strategies: Input specific details to tailor your strategic planning. ✅ Empowered Decisions: Make informed decisions for renewals, cross-sells, and conquests. We understand the hurdles and intricacies you face daily. That's precisely why the Cyber Commission Simulator is built to address your unique challenges, providing tailored solutions that simplify your planning process and empower you to maximize your earnings with precision. Ready to Transform Your Strategy and Elevate Your Earnings? 👉 Start Forecasting Now: https://lnkd.in/gyX8DK2R #CyberInsurance #BrokerTools #InnovationInInsurance #SecondSight

Insured losses from the CrowdStrike IT outage to fall between $400 million and $1.5 billion for the standalone cyber insurance market. - Affected 8.5 million Windows devices due to a corrupted software update. - Potential loss ratio impact of 3-10% on global cyber premiums of $15 billion. - The event could become the largest single-insured loss in affirmative cyber insurance history. - Highlights the importance of robust cyber risk management and capital reserves. #CyberInsurance #Insurance #Microsoft #CrowdStrike #RiskManagement

Super interesting case disputing the intent of cyber policy coverage (even at the excess layers) around system failure and business interruption costs, demonstrating the gray area of direct loss from a cyber event vs. consequential damages (which were excluded). This certainly isn't the first instance of an insured dismayed by what an insurance carrier deems to be discretionary spend, rather than necessary. More to come on this as it goes through appeal. Many organizations are stepping to the plate in terms of incident response preparation, but I think we need more emphasis and strategy planning around costs and losses to be incurred during an outage and what is vs. is not intended to be covered by insurance to avoid an unhappy insured. #cyberinsurance