KPA’s Post

I had a chance to read Coalition's latest cyber insurance claims report. One section breaks down the number by 'boundary device.'   The report notes that 'relative claims frequency for policyholders using Cisco ASA surged.' Similarly, companies with 'exposed Fortinet devices were twice as likely to experience a claim.' They provide little support as to why companies with a specific brand of FW saw an increase in claims.  I wonder if Coalition will start charging a premium based on your FW model.   https://lnkd.in/eJTadRS9

The insurance industry will continue to face significant cybersecurity risks as it increasingly relies on digital systems and data. Cyber threats such as data breaches, ransomware attacks, and phishing schemes pose serious risks to sensitive customer information and financial assets. Insurance companies must invest in advanced cybersecurity technologies, implement stringent security protocols, and foster a culture of cybersecurity awareness among employees. #Insurance #Cybersecurity #Data #CyberThreats #Compliance

When a business experiences a cyber attack, they don’t just pay for the remedy, like a ransom payment, and move on. A cyber attack can have long-tail costs and effects, like regulatory fines, credit monitoring services, and potential legal disputes. It’s just one of the reasons it’s helpful to have a cyber insurance policy in place. Learn more about these impacts and why having a cyber claims team to guide your clients every step of the way is so important: https://bit.ly/3ugzMkG

Will 2024 be the year when cyber insurance companies and the policies they issue reflect the actual cyber breach risk factors? The requirements might *actually* be forcing companies to improve their cyber capabilities. #consultDTScyber https://bit.ly/3Ohu09p

Did you miss our webinar on how to manage #cyber claims successfully? Watch it on-demand today to learn more about the changing landscape of cybercrime. #RiskManagement #Insurance

Did you miss our webinar on how to manage #cyber claims successfully? Watch it on-demand today to learn more about the changing landscape of cybercrime. #RiskManagement #Insurance

We all know that cyber attacks are costly for SMEs. But finding the funds to cover upfront costs of critical third party services such as breach response can be tough, even if these costs are later covered by insurance. Here's why it's important to look for 'Pay on Behalf' language in your clients cyber policies. #cyberinsurance #cyberrisk #cyberriskmanagement https://lnkd.in/e62s8JP5

Don’t just hope that a cyberattack won’t happen to you! Read 5 compelling reasons why every small business needs cyber insurance protection. 1. Staff reliance on computers 2. The storage of business and personal data 3. Lack of strengthened password protocols 4. Financial implications of a cyberattack 5. Inadequate insurance policies for losses from cyber attack Learn more about protecting your business from cyberattacks. https://bit.ly/4aje5jp #Gallagher #GallagherInsurance #CyberRisks #InsuraceAUS #CyberInsurance #CyberAttack

The SEC's new cyberattack reporting rule significantly alters the landscape for public companies and insurers. This rule emphasizes directors' accountability in cybersecurity governance, potentially leading to enforcement actions and shareholder claims. It complicates insurance coverage, with Director and Officer (D&O) policies increasingly excluding cyber incidents and cyber insurance often not covering SEC actions. This development necessitates a strategic reassessment of insurance programs by public companies. Below you can find three recommendations we have for ensuring you are adequately covered. The SEC's rule is a game-changer, signaling a heightened regulatory focus on cybersecurity. Companies must adapt by enhancing their cybersecurity measures and strategically managing their insurance portfolios to navigate these new challenges effectively. #insurancenews #underwriting #insurance https://lnkd.in/gYZZgBnR?

Cyber insurance is a must in today's digital age because it provides essential protection against the increasing threat of cyberattacks. With the rapid advancement of technology, businesses and individuals are more vulnerable than ever to cybercrimes such as data breaches, ransomware attacks, and identity theft.   Having cyber insurance ensures that you have financial coverage in case of a cyber incident. It helps mitigate the potential financial losses associated with cyberattacks, including legal fees, data recovery costs, and customer notification expenses. Without cyber insurance, these expenses can be overwhelming and could even lead to bankruptcy for small businesses.   Moreover, cyber insurance provides access to expert assistance in the event of a cyber incident. Insurance providers often have a network of professionals who specialize in cybersecurity and can help you navigate through the aftermath of an attack. This support can be invaluable in minimizing the damage caused by a cyber incident and getting your business back on track.   Reach out to me today for more information or to protect your business.