Cyber Risk Quantification
October 13, 2023
In this episode of the Safe House Cyber Insurance Summer Series, we dive deep with Ryan Mercer, VP of Cyber at McGriff brokerage. With over a decade of experience, Ryan pulls back the curtain on the evolving world of cyber insurance.
He explains why many small to medium-sized businesses (SMBs) still aren’t getting cyber coverage, shedding light on challenges like broker education and the increasingly detailed application process.
Here’s what you’ll learn:
✅ The crucial role of brokers: How they’re becoming consultative advisors, guiding clients on cybersecurity best practices (like MFA and EDR) to help them get better insurance terms.
✅ Why prompt incident notification is key: Why you must immediately tell your broker and insurer if a cyber incident occurs for smooth claims and recovery.
✅ The truth about cyber insurance: It’s not a magic shield that prevents attacks. It primarily helps with the aftermath—think legal fees and recovery services—but it doesn’t protect your reputation or guarantee business continuity.
✅ A dynamic market: Understand how this relatively young market is rapidly changing, with new tools like automated underwriting emerging.
This conversation bridges the gap between insurance and effective cybersecurity, highlighting how well-informed brokers are essential partners in navigating today’s complex cyber risk landscape.
What’s your biggest takeaway about cyber insurance? Share your thoughts in the comments below!
#cyberinsurance #SMBsecurity #Cybersecurity #RiskManagement #BrokerAdvice #MFA
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