Cyber Risk Quantification
October 13, 2023
Why do only ~4% of small and midsize businesses carry a standalone cyber policy? Host Jeff Edwards digs in with returning guest Erik Cernak (Hanover Insurance Group) to separate myth from reality and lay out practical next steps for SMBs, brokers, and MSPs.
In this episode:
Who should listen: SMB owners, CISOs at resource-constrained orgs, MSPs, brokers/agents, and anyone shaping cyber risk decisions.
Resources: Free guides & checklists at SafeHouseInitiative.org (no logins, tracking, or fees)
Hosts & Guest: Jeff Edwards • with Erik Cernak
#️⃣ Hashtags:
#CyberInsurance #SMB #SmallBusinessSecurity #BusinessContinuity #Ransomware #RiskManagement #InsuranceBrokers #MSP #SupplyChainRisk #GenerativeAI #DataBreach #SafeHousePodcast
Cyber & AI authority Chuck Brooks joins Jeff Edwards to give SMBs a no-nonsense playbook. Learn how agentic AI turbocharges phishing, why unmanaged IoT/OT opens doors, and the exact first steps—MFA, segmentation, backups, IR plan—that raise your resilience fast. We also cover using NIST and CMMC as practical roadmaps and when to rely on an MSP.
Erik Cernak of the Hanover Insurance Group, breaks down the myths, the market, and the must-dos of why only 4% of SMBs carry standalone cyber insurance.
Our Cyber Insurance Summer Series wraps with the biggest lessons learned, surprising insights, and actionable advice from our expert guests. This episode ties everything together for the SMB with concrete steps that can be taken today to protect your business.
Ted Brown provides an expert legal perspective on cyber claims, discussing how they are far more complex than traditional insurance claims due to a multitude of moving pieces. He highlights common coverage disputes, such as late reporting and application issues, and stresses that cyber insurance is meant to bring a business back to where it was, not to “make them better.” Ted advises that the single most important step for any business is to work with their insurer and legal counsel as soon as an incident occurs, as this can prevent massive headaches and ensure a smooth recovery.
Jane Warring shares her expertise on the complexities of BI claims for small and midsize businesses, emphasizing the importance of documentation and proving causation.
Class action lawsuits have surged sixfold and are now targeting small and midsize businesses, not just large corporations. Businesses can mitigate risk by implementing strong cybersecurity policies.
