SecondSight’s Post

Time flies, and we’re already in week 4 of our series on cost optimization. This week, we’re diving into a crucial topic for any business: Insurance. Many businesses rely on a broker to meet their insurance needs, but here are some key questions to consider: 1. Is your broker doing a great job? How do you know? 2. Do you have the right coverage? Cyber insurance, for instance, is becoming essential in today’s digital world. 3. Can you improve your processes and claims handling? Small changes can lead to big savings and fewer claims. 4. Have you considered bespoke risk management services? These can often be funded by insurers themselves, reducing your risk. 5. How is your broker remunerated? Understanding this can reveal potential conflicts of interest. 6. Should you independently audit and review your insurance program? This can often be done at no cost or risk to your business. If your answer to question 6 is "yes," let’s have an initial conversation. Optimizing your insurance could be a game-changer for your business! #Insurance #CostOptimization #RiskManagement #CyberSecurity #BusinessGrowth #InsuranceAudit #BusinessStrategy

Cyber insurance strategies need CISO-CFO alignment for better protection. Learn more about empowering your board in managing cyber risks: https://okt.to/kvGAOe

📢 Attention Insurance Companies, Captives, MGAs, and PEOs! Expand your offerings and add value to your small business clients by including cyber liability insurance through our Cyber Risk Purchasing Group. Our tailored solutions are designed to meet the unique needs of small businesses, helping them stay protected against cyber threats. 💼 Benefits for your clients: ▶️Financial protection from cyber-attacks. ▶️Cyber liability insurance coverage from an AM Best 'A-' rated carrier. ▶️Access to cyber risk management resources. ▶️Peace of mind in a digital world. 🌟 Benefits for you: ▶️Admitted paper. ▶️No filings and no reinsurance treaties. ▶️No claims management. ▶️No underwriting. ▶️No application. ▶️Pure revenue. Connect with us today to discuss how we can help you and your clients! Fill out the link in the comments and let's work together to achieve more. #CyberProtection #InsuranceIndustry #SmallBusinessSupport #CyberLiability #CyberInsurance

Tired of Paying High Premiums for Cybersecurity Insurance that Does Not Give you Full Coverage? What is Captive Cyberinsurance all about? Here is the video, www.indigo9cyber.us #captive #cyberinsurance #indigo9cyber

Assessing cyber risks requires a deep understanding of technology, cybersecurity trends, regulatory frameworks, and the unique risk profiles of individual policyholders. Moreover, pricing cyber insurance policies accurately involves balancing the need to cover potential losses with the insurer's ability to manage risk effectively. As cyber threats continue to evolve rapidly, insurers must remain agile and innovative, continually adapting their underwriting practices, policy terms, and risk management strategies to address emerging cyber risks and protect their clients effectively. AM Best’s CEE Insurance Market Briefing – Vienna: "Navigating Geopolitical and Emerging Risks," will host a panel of discussions dedicated to one of the most challenging insurance LoBs, cyber insurance. The panel moderated by Daniela Ghetu, Editorial Director of the XPRIMM Publications, will reunite esteemed names in the industry: - Todor Kitin, Senior Financial Analyst, AM Best - Matt Harrison, Casualty Head of Technical Sales, Gallagher Re - Tom Johansmeyer, Global Head of Index Classes, Inver Re - Thierry Murté, Cyber Insurance, CEO, CyQuant Join the debate! Participation to the event is free of charge, but it is subjected to the available seats, so book your seat now to secure your presence: https://lnkd.in/dQs39GbV #ceemarket #insuranceRisks #reinsurance #insurance #insuranceevent #CEE #ceeinsurance

"Cyber and E&O insurance serves as a crucial tool for mitigating risks. Since each organisation possesses a unique risk profile, it's essential to align the tool to the need. Instead of settling for a standard, off-the-shelf product, why not opt for a custom-tailored policy for enhanced benefits?" Dan Screene Aon's Head of Cyber Coverage on our recent article. Read More https://aon.io/3UoCzmJ

Clorox and Johnson Controls: $76m Cyber-Attack Costs Revealed Clorox and Johnson Controls have disclosed significant financial losses resulting from cyber-attacks in recent regulatory filings. Clorox reported expenses of $49 million related to a cyber incident that caused operational disruption, although the nature of the attack was not confirmed as ransomware. These costs primarily cover IT recovery, forensic investigation, and professional services. Similarly, Johnson Controls revealed $27 million in expenses attributed to a confirmed ransomware attack, with ongoing costs expected throughout 2024 for incident response and recovery efforts. 💰 Insights: Financial Fallout: The disclosed costs underscore the substantial financial burden cyber-attacks impose on organizations, encompassing expenses for incident response, recovery, and operational disruption. Insurance Considerations: While insurance coverage may mitigate some of the financial losses, the timing of recognizing insurance proceeds may vary, posing challenges for financial planning and risk management. Operational Disruption: Cyber-attacks not only incur direct financial costs but also disrupt business operations, as seen with Clorox's manual ordering and processing following the incident. Continuous Threat: The incidents highlight the persistent threat of ransomware and cyber-attacks across various sectors, emphasizing the importance of robust cybersecurity measures and incident response preparedness. Regulatory Disclosure: Transparent reporting of cyber incidents through regulatory filings enhances transparency and fosters awareness of cybersecurity risks among stakeholders, including investors, customers, and partners. Read the article ➡️ https://lnkd.in/grR3CeHj #CyberAttack #Ransomware #BreachCosts

The role of insurance brokers is undergoing a profound transformation, particularly regarding cybersecurity. By shifting towards a more proactive and consultative approach, brokers can provide their clients with a deeper understanding of their insurance options and tailor solutions to their specific needs. This not only strengthens the relationship between broker and client but also ensures that clients are receiving the best coverage for their unique situations. #insuranceindustry #insurtech #insurancebroker #insuranceagents

We published our 2024 Cyber Insurance Market Conditions Outlook this week. Check out my perspectives on a wide variety of factors that are driving the market. These include insights into the 2024 cyber threat landscape, cyber claims trends, rising regulatory risk, evolving insurance products, capacity, the federal government response, and the key role of cyber reinsurance. The market is poised to grow exponentially. How large will it get and how fast will that happen? That will depend on a growing number of professionals in the cyber insurance ecosystem to forge ahead with innovation around advanced underwriting and loss modeling tools. Cyber insurance carriers, brokers, reinsurance providers, data scientists, analytics experts and cybersecurity vendors will all play key parts in its growth in the coming year. 

Excellent article cyber BI is still very challenging