It's not if you're getting hacked "it's when."
Cyber insurance has been around for almost 30 years, but the data is changing every few months on how people get hacked and the type of cyber breaches that are out there. With every cyber breach, there are new nuances to how it happened, leading to endless questions on how to mitigate the next unknown peril.
Insurers can work with software companies, cybersecurity companies and data analysts to generate solid cyber insights to assist with the underwriting process and help brokers, according to Keith Moore, CEO of CyberPolicy, a subsidiary of San Francisco-based insurtech CoverHound.
Brokers and agents who ask commercial clients about their cybersecurity practices might not always get the best answers because a true understanding of cybersecurity is still not quite there among smaller businesses, Moore told Insurance Business.
By partnering with cybersecurity experts, brokers can put asset monitoring and active monitoring in place, which will enable them to assess a small to mid-sized business better than they can assess themselves. It's important to generate a multi-view and multi-solution approach to cyber risk within a business.
To read the full article, head over to the Insurance Business America.