Cyber Insurance Trends with John Miller – Ep 445 

Imagine your cybersecurity measures as the immune system of your body. Just like our bodies are constantly exposed to germs and viruses, your business is exposed to a barrage of cyber threats. Cyber insurance is like health insurance for your company’s digital health. We are joined today by John Miller of Sterling Seacrest Pritchard, exploring the crucial intersections of healthcare, cyber coverage, and the corporate responsibility of protecting sensitive data.

In this episode:

Cyber Insurance Trends with John Miller – Ep 445

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Cyber Insurance Trends with John Miller

Here is a rundown of topics we discuss with John regarding the state of cyber insurance.

State on cyber insurance market

• [11:50] Cyber insurance underwriters are becoming more granular in what they are requiring for coverage:
  • Using MFA is a must.
  • Organizations must have endpoint protection on all devices.
  • Having backups of your critical data is crucial.
• Not having accurate and truthful answers to the cyber application questions can cause your claim to be denied. This goes to what we always say… You got to be able to prove it!
• [17:51] Exclusions in policies such as “nation state cyber attacks” and “war” are prominent in cyber policies today.
• Fines and penalties that we are now seeing from regulatory investigations and the states are starting to have an effect on cyber insurance policies.
• [21:32] Cyber policies sometimes dictate that a covered business must use “these approved lawyers” and “this approved forensics team” when they file a claim.
• Cyber insurance customers should understand what happens when a claim is filed and what the capabilities of the service providers behind the insurer (forensics team, call center folks, patient notifications team, etc) are.
• [31:36] Cyber insurance companies have become specialized over time and some favor paying the ransom while others don’t. You need to be happy with your insurer before you have to file a claim.
• [43:04] Cyber hygiene and exercise. Cyber hygiene is how we improve our online security and maintain our systems health. We also need to do exercises, like attend educational webinars, do tabletop exercises, do penetration testing, etc.
• [49:33] Effects of a cyber incident (patient safety, data privacy and security, class action lawsuits, etc) can no longer be put on the back burner. It needs to be at the top among the top 5 strategic initiatives for all businesses.

The cybersecurity insurance industry is a challenging landscape, including skyrocketing premiums and the critical role of cybersecurity in managing risks. In a world where cyber threats are escalating and evolving rapidly, there is a dire need for cyber safety vigilance. But safeguarding data isn’t just about regulatory compliance, it’s about the fundamental trust between caregiver and patient.

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