Cyber Insurance- The Only Constant Is Change

Cyber Insurance – The only Constant is Change
This one-hour course provides a comprehensive overview of the evolving cyber threat landscape and the importance of understanding cyber insurance coverage. Independent insurance agents will learn about the key risks facing businesses today, including ransomware, business email compromise (BEC), and supply chain attacks. The course will highlight the differences between standalone cyber policies and endorsements, discussing coverage areas such as business interruption, breach response, and extortion. Agents will leave with the knowledge needed to advise clients on the best insurance options to mitigate cyber risks effectively. Attendees will have the opportunity to preview new, free, member cyber-rater tool, Sayata at the very end of the webinar.

Learning Objectives:

1. Understand Emerging Cyber Threats: Identify the most common types of cyberattacks, including ransomware and business email compromise (BEC), and the financial impact they have on businesses.
2. Analyze Cyber Insurance Coverage Options: Compare and contrast standalone cyber insurance policies with endorsements, and understand the key areas of coverage, including business interruption, breach response, and extortion.
3. Evaluate the Cost of Cyber Breaches: Examine the financial components of cyber incidents such as ransomware payments, business interruption costs, and data recovery expenses, based on real-world data.
4. Recognize Coverage Gaps in Endorsements: Identify potential gaps in coverage when relying on cyber endorsements rather than standalone policies, particularly in areas like social engineering and system failure.
5. Advise Clients on Risk Mitigation: Equip agents with strategies to help clients mitigate cyber risks by selecting appropriate coverage and implementing effective cybersecurity measures.

Speaker: John Immordino, Arlington Roe