In this episode, Mike Polce, founder & CEO of M.A. Polce, is joined by Brian Millar, head of Cybersecurity for M.A. Polce, along with special guest Will Brooks from FifthWall Solutions. Together, they discuss cyber liability insurance coverage, why businesses need it, and what they must do to obtain it.
Incorporating Cyber Insurance Coverage into Your Cybersecurity Approach
In an evolving cyber threat landscape, no one is safe from cyber-attacks. Having a false sense of security, which was especially frequent in the past, does not help. Speakers emphasize the need for a dual cybersecurity approach to address these issues, focusing on prevention and insurance coverage.
Businesses should proactively invest in cybersecurity measures to protect themselves upfront. Specifically, multifactor authentication, segregated backups, and security awareness training are effective investments.
Having these security controls in place improves security and facilitates the insurance application process. Moreover, having these controls reduces the risk of being denied coverage. Speakers also suggest having the proper controls in place could help lower cyber insurance premiums.
Additionally, this episode addresses the misconception that having cyber insurance means businesses can be lax with security. Listeners will learn the importance of maintaining strong security measures even with insurance coverage because insurance alone cannot prevent breaches.
How Managed Service Services Can Help You Get Cyber Insurance
Furthermore, the speakers discuss the benefits of working with a Managed Security Services Provider (MSSP) and insurance partners. MSSPs can actively monitor and manage security and respond to incidents quickly. Along with these benefits, MSSPs can ensure clients have the necessary security controls to meet insurance requirements.
Not All Cyber Insurance Policies Are Created Equal
From another angle, this podcast highlights the need for comprehensive cyber insurance policies. Comprehensive policies refer to those that cover both third-party (legal) and first-party (business interruption, loss of income) expenses. Speakers caution against underestimating the importance of having the right insurance coverage, as not all policies are created equal.
Listen below or directly through The Pulse on Technology channel.