Where should we start?
I wanted to find an outlet to write about the more nuanced approach to cyber insurance with blended professional liability. The more I write on LinkedIn, the more I understand that it’s less about how technical you can get in your daily posts and more about how well you can connect with others.
So here we are, a newsletter that will allow those of you who are interested to read about the more technical approach to controlling your insurance costs and how your current policy isn’t enough (most likely).
So, what isn’t your policy covering right now?
More likely than not, you have a cyber endorsement that’s bolted on your general liability policy. Bolts should be left for rachets and wrenches. An endorsement carries gaps in coverage both in the limits the insurance company provides you and the actual policy language in what protects you.
Now, we all know that I could provide you with “things to look for”, but you’re not going to actually look at your policy, are you? Guess you’ll just have to trust me, or you can reach out anytime and I’d be happy to help.
“What’s the risk in leaving my endorsement? It’s CHEAP!”
I get this one all the time. The answer? A lawsuit isn’t cheap. The difference in cost between a cyber endorsement and a real cyber insurance policy won’t move your EBITA margins enough for you to blink at.
Quit worrying about the cost of insurance and start worrying about the lawsuits you aren’t aware of knocking at your door. (This is my best advice put bluntly).
“But I have good security controls, I work with a MSSP”
P.S. I absolutely LOVE this objection.
GOOD, that’s a great place to start. But guess what, that endorsement we just talked about has a high likelihood that it doesn’t cover third party claims. So, while you might cover (by a less than appropriate sublimit) for things like data breaches or ransomware, when that data breach turns into lost data or an impact on one of your customers day-to-day operations, you’re going to be left holding your socks (great place for a SOC reference but may have been counter intuitive).
And boom, just like that, first newsletter. See you again in two weeks.
Want to connect? Best place to get hold of me is LinkedIn! Shoot me a connection request and DM me anytime.
You can also check out our parent company here.
Want updates with new articles? Subscribe.