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Risk in Context Podcast: Debunking common cyber insurance myths

An expanded threat landscape and more sophisticated and persistent attackers are leading to an increase in the number and types of cyberattacks that can cripple a company.

03/27/2023 · 3 minute read

An expanded threat landscape and more sophisticated and persistent attackers are leading to an increase in the number and types of cyberattacks that can cripple a company. Related claims have skyrocketed, leading to higher insurance rates and further underwriting scrutiny. But there is still a widespread misunderstanding of the value of cyber insurance.

In this episode of Risk in Context, Brian Warszona, Marsh’s UK Cyber Deputy Practice Leader, talks to Rachel Lavender, Marsh’s Southeast Zone Cyber Practice Leader, and Philippe Cotelle, who sits on the board of the Federation of European Risk Management Associations, about three common cyber insurance myths. This episode also features an interview with Jamil Farshchi, Chief Information Security Officer at Equifax.

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Key takeaways

Even companies with good cyber hygiene benefit from cyber coverage

Cyber controls do not eliminate cyber risk. Today’s challenging threat landscape has made it more difficult for organizations to defend against cyberattackers. Cyber insurance provides an additional layer of protection.

Detailed underwriting process is critical to secure appropriate coverage

More than ever, underwriters are asking for detailed information about a company’s risks, making the process seem cumbersome. However, underwriting scrutiny should be seen as a pressure test of a company’s cyber hygiene controls and identify potential areas of improvement.

Insurance can help companies respond following a cyber incident

Some organizations, especially small- and medium-sized companies, may not have the structures and resources to respond to a cyber incident. When the worst happens, they can rely on their carrier to help them take the necessary action to minimize the impact of an event.

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