How Business Can Transfer Cyber Risk

In this conversation, Jeff Severino and Nathan Borghardt discuss the importance of cyber insurance for small businesses. They share their background and approach to cyber insurance, emphasizing the need for risk transfer. They highlight 12 low-cost measures that small businesses can implement to reduce their cyber risk. 

The conversation also explores the costs and consequences of cyber attacks, the sophistication of cyber criminals, and the future of cyber insurance. The speakers stress the importance of engaging with insurance professionals and seeking education and resources to navigate the complex cyber insurance market. They emphasize the need to align with trusted professionals and continue to expand the market for cyber insurance.

Takeaways

• Risk Transfer is a Great Way to Approach your Cyber Planning
• Cyber insurance is a crucial risk transfer tool for small businesses.
• Implementing low-cost measures can significantly reduce cyber risk.
• The costs and consequences of cyber attacks can be devastating for small businesses.
• Engaging with insurance professionals and seeking education and resources is essential for navigating the complex cyber insurance market.

Chapters

• 00:00 Background and Approach
• 05:18 Understanding Cyber Insurance as Risk Transfer
• 06:12 12 Low-Cost Measures for Small Businesses
• 15:23 Costs and Consequences of Cyber Attacks
• 18:26 The Importance of Cyber Insurance
• 20:46 The Sophistication of Cyber Criminals
• 22:13 The Future of Cyber Insurance
• 24:14 Engaging with Insurance Professionals
• 30:30 Advice for Small Business Owners
• 33:38 The Importance of Education and Resources
• 35:47 Aligning with Trusted Professionals
• 36:26 Continued Growth and Market Expansion

 

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