How Do You Adjust To Cyber Risk?

By Aaron Davidson, CEO, Relay Platform —

Welcome to October, the scariest month of the year (or at least the last day). But do you know what’s really scary? The softening cyber market in spite of the the continued increase in cyber attacks (up 15% this year). Over 70% of organizations have experienced a cyber attack in the last year, many of which will need to close their doors as a result. Ransomware attacks continue to increase, as well, including multiple notable breaches across multiple industries.

While it is yet to be seen how the overall cyber insurance market will ultimately react and adjust to the recent divergence between risk and pricing, Cybersecurity Awareness Month is the prefect time refresh how we as an industry approach cyber risk as a whole and how we aim to mitigate those risks.

Cyber risk isn’t just a risk transfer problem; it is a risk problem. Cybersecurity is everyone’s responsibility, including creating and supporting robust internal policies (including zero-trust), micro-segmentation of technology to minimize lateral attacks, education around the latest phishing, social engineering, and hacking approaches, and more. On top of all of that, education about cyber insurance for the enterprise is the final piece. Only 75% of brokers are even appointed to offer cyber insurance to customers today; the other 25% may be taking on substantial professional liability exposure by not offering cyber insurance.

While there is no silver bullet for managing cyber risk, there are a lot of lead ones. This month, consider what your clients are doing today and how they remain current and vigilant against evolving threats, including security controls, IT modernization, and offering cyber insurance, maybe even for the first time
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October is Cybersecurity Awareness Month

Through Relay’s insurtech platform, brokers are given the opportunity to discover their edge in the digital era. Education is key in equipping agents with the right tools to educate their customers.

Explore our resource library to brush up during Cybersecurity Awareness Month – here are a few highlights from our Cyber experts:

We believe we bring value in assisting your brokers and clients in making informed decisions as well as enabling creative ways for your firm to significantly stand out from the rest of the pack with Relay Cyber Applications Powered by AI.

About Relay

Relay enables real-time digital panels of carriers and MGA-MGUs that substantially increase success rates for agents and brokers. The solution unifies application questions, compiles instant and manual quotes into a Competitive Differentiation Table™, and delivers a configurable, analytics-powered Smart Client Proposal™ designed to better meet the needs of commercial clients. Our “I5” solution excels at Cyber, Professional Liability and Specialty Lines in particular, and is rapidly expanding. We facilitate billions in coverage across insurance and facultative reinsurance every year. With a rapidly growing client base in North America, Relay also counts among the few Lloyd’s accredited London market e-platforms. For more information, please visit www.relayplatform.com.

Source: Relay Platform