Cyber Risk Quantification
October 13, 2023
And that’s a wrap on our Cyber Insurance Summer Series! 🎬
In this must-watch conclusion, series co-host Tawana Johnson joins Jeff Edwards to distill the biggest lessons, surprising insights, and actionable advice from our expert guests.
If you’re a small to mid-size business owner trying to navigate the complexities of cyber insurance, this episode ties everything together. Tawana walks us through the entire lifecycle—from quantifying risk and applying for a policy to handling a claim and dealing with potential litigation. Find out the key themes that every single expert agreed on and the concrete steps you can take today to protect your business.Â
Key Takeaways from the Series
Throughout the series, our experts consistently highlighted several crucial themes:
🔑 Know Your Data: Understanding what data you have and where it’s stored is the foundation of your entire security and insurance strategy.
🤝 A Good Broker is Essential: An educated broker is your guide through the application, risk quantification, and claims process.
⏰ Timely Notification is Critical: Report incidents to your broker and insurance carrier immediately to ensure coverage.
⚖️ An Emerging Area of Law: There isn’t much case law for cyber claims, making settlements common and expert guidance vital.
🎯 “It’s Not If, But When”: Every organization, regardless of size, is a target.
Top 4 Action Items You Can Do Today
Want to improve your cybersecurity posture right now? Our guests recommend focusing on these four things:
Know Your Data: Identify and classify all the data you handle.
Enable Multi-Factor Authentication (MFA): Enforce it for every user on every application.
Maintain Good Backups: Ensure you are backing up frequently and that your backups are secure. This is your best defense against paying a ransom.
Have an Incident Response Plan: Create a plan and have a team in place before an incident occurs. Important: Keep a printed copy offline!
About The Safe House
The Safe House podcast is brought to you by The Safe House Initiative. We’re dedicated to providing insights and practical advice to help organizations become more secure and resilient.
Connect with us:
📧 Email: info@safehouseinitiative.org
đź’» Website: https://safehouseinitiative.org
Thanks for joining us! Remember to be safe, be resilient, and be kind.
#CyberInsurance #SmallBusiness #Cybersecurity #RiskManagement #DataBreach #IncidentResponse
In this SafeHouse episode, Jeff Edwards and Alan Gin break down what actually happens when a cyber incident hits and what you should do next.
This conversation is based on a real-world, three-part series designed for everyday people who suddenly find themselves dealing with a hacked account, fraud, or a suspicious alert.
If you’ve ever wondered what you would actually do in that moment, this episode walks you through it step by step.
Kurt Suhs, Founder and CEO of Concierge Cyber, unpacks why cyber insurance adoption remains low and what businesses are actually doing instead.
Learn how businesses think about risk when they don’t have coverage and why complexity and policy structure are major barriers.
Cyber risk management is often framed as a choice between prevention and insurance. In reality, the most resilient organizations combine both.
In this episode of The SafeHouse, Jeff Edwards speaks with Michael Phillips, Global Head of Cyber at Coalition, about how insurers evaluate cyber risk and why mitigation and insurance must work together.
Building on a previous discussion about the elements of risk management, the conversation explores how underwriters think about cyber exposure, what signals insurers look for when assessing organizations, and why operational resilience is becoming central to modern cyber insurance.
The result is a practical discussion about how businesses should approach cyber risk today.
Cyber risk management is often discussed in technical language. But at its core, risk is financial.
In this episode of The SafeHouse Podcast, Jeff Edwards interviews Davis Hake of Venable to break down how cyber risk should be measured, communicated, and quantified inside organizations.
For CISOs, risk managers, brokers, underwriters, and resilience professionals, this episode provides a practical framework for thinking about cyber exposure beyond compliance checklists.
If you want to understand cyber risk in terms that boards and CFOs actually respond to, this conversation is essential listening.
Federal cybersecurity responsibility has shifted to the states. What happens next?
In this episode of The SafeHouse Podcast, Jeff Edwards welcomes James Saunders, Chief Information Security Officer for the State of Maryland, for a deep conversation on state-level cybersecurity, resilience, and leadership.
James walks through his path from early technical support roles to federal cybersecurity leadership and now to protecting Maryland’s digital ecosystem. He explains Maryland’s IT Master Plan, the state’s five-pillar cybersecurity strategy, and how partnerships, talent, and resilience come together in practice.
This episode offers a behind-the-scenes look at how cybersecurity decisions are made at scale, how states collaborate with one another, and why taking care of people matters as much as taking care of systems.
Kirsten Bay, CEO and co-founder of Cysurance, explains why warranties are becoming a critical layer in cyber risk management. Bay explains how AI-driven cyber certification can help organizations predict where risk is most likely to surface, prevent disruption before it becomes a claim, and protect both insureds and carriers by creating clear, defensible signals of cyber maturity.
