Expert perspectives on cybersecurity threats, insurance coverage, compliance, and risk management strategies.
The cyber insurance industry has a dirty secret: we've become really good at selling policies and really bad at protecting businesses.
Read Full ArticleWhile Managed Service Providers have been focused on keeping their clients' systems running smoothly, a silent war has been waged against their very existence. The battlefield? Cyber insurance applications. The weapon? Systematic exclusion disguised as risk management.
When Midwest Manufacturing's servers were encrypted by ransomware, they thought their cyber insurance would cover the incident. After all, they'd carefully completed their application, working with their MSP to answer every technical question.
In 2024, we have artificial intelligence that can diagnose diseases, autonomous vehicles navigating complex traffic patterns, and quantum computers solving previously impossible calculations. Yet when it comes to assessing cyber risk—arguably one of the most critical challenges facing modern business—we're still operating with the data integrity of a 1990s spreadsheet.
Picture this scenario: Your organization just completed its annual cyber insurance renewal. The application asked detailed questions about potential financial losses, probability percentages, and maximum exposure scenarios. The resulting risk assessment delivered precise-looking numbers—a 23% chance of a breach costing an average of $4.5 million.
In 1985, payroll companies were vendors. By 2000, they were kingmakers. Today, they process over $200 billion in workers' compensation premiums annually, wielding more influence over insurance pricing than the carriers themselves.