Christiaan Durdaller, President and CEO
The rapid adoption of technology and the growing frequency of ransomware and other sophisticated cyberattacks have led to an extremely vibrant and volatile cyber insurance market. As a result, businesses can no longer rely on basic cyber controls to obtain cyber insurance. Instead, businesses looking for cyber insurance coverage will now have to show that they are implementing multifactor authentication, endpoint detection and response services, data governance planning, and backup segmentation strategies. In addition to implementing cyber controls, a business will also need to be equipped with the right analytics and educational support from their insurance broker to manage and reduce their risk adequately.
Enter INSUREtrust—the insurance industry’s leading specialty insurance brokerage for emerging risks. For more than two decades, the company has been leading the cyber insurance industry with its innovation and expertise in risk management. INSUREtrust created a unique policy form back in 1997, designed to explicitly cover exposures associated with the internet’s emerging, digital risks. (link if need to reference https://www.100.aig/stories/first-tackle-cyber-risk/)
INSUREtrust recently launched their Cyber Secure Platform (CSP), an innovative new platform designed exclusively for their brokers &clients. By partnering with the industry’s top risk management firms, the platform offers INSUREtrust’s premier brokers and clients access to various specialty risk management and analytics tools that help them navigate the cyber market and support current and prospective clients. INSUREtrust’s partners can provide their clients with industry-leading products that can ultimately satisfy the most common cyber insurance program requests through the CSP platform. Platform access includes best-in-class products at an affordable price, as well as education around exposure, coverage, and limits, and assistance crafting more sustainable relationships with insurance companies by rightly managing and reducing overall risk. “CSP enables businesses to educate themselves on the necessity to implement specific solutions, the timeline to do it, and the cost-benefit analysis of implementation against insurance coverage changes so that they can budget effectively. It’s a centralized marketplace with all the educational tools & solutions that a commercial client could ask for,” says Christiaan Durdaller, President and CEO, INSUREtrust.
It’s a centralized a marketplace with all the education and implementation opportunities
Durdaller mentions that the insurance companies that write cyber look for different underwriting information than they did a year ago. Each company has its own unique ransomware supplemental questionnaire, which is their guide to whether or not they will consider writing your risk. “We’ve aggregated all the common factors from these unique subsets of questions and provide them to our clients six months in advance,” adds Durdaller. This enables INSUREtrust clients to better understand where they currently stand and the necessary cybersecurity tools they will need to implement. If a client is not up to standards with the insurance market’s expectations, CSP provides them with a roadmap to put the necessary solutions in place.
Multifactor authentication is a hot topic in the current cyber landscape. However, many businesses still do not implement MFA for remote access, email access, or privileged users. If a client waits until the insurance company tells them that they are non-renewed due to their lack of MFA, it’s sometimes too late to get it implemented, leaving the client uninsured.”Through the CSP platform, our brokers will know six months in advance to discuss their clients’ lack of MFA. The INSUREtrustrisk management team can then liaison with the clients to establish an implementation plan before it is too late.
Additionally, the CSP team will thoroughly analyze a clients’ IT environment and put together a statement of work highlighting costs, risk management partners and various solutions. Ultimately, this provides the client with a roadmap to turn no’s on their insurance applications into yes’s. In addition, we strive to educate and promote prior planning that can help ensure minimal rate increases and no coverage decrease,” Durdaller mentions.
As one of the largest independent brokerage, analytics and risk management sources for the cyber insurance industry, INSUREtrust’s Cyber Secure Platform is leading the industry into the future. For many years, they have been offering clients options that have differentiated them in the marketplace including, phishing testing, external IP address scans, vulnerability scans, and cyber monitoring services. Moving forward, the company will continue its investment in risk management and enhancing the CSP platform.“Our short-term strategy is to continue to improve the platform through both service and education and remain a market leader in the space,” concludes Durdaller.