The cyberthreat environment is severe. As cyberthreats and ransomware continue to spread, the unfortunate reality many organizations and institutions face are explosive cyber insurance premium hikes or worse yet, being wholly uninsurable.
No insurance premiums saw greater growth in 2021 than those linked to cybersecurity. According to the Council of Insurance Agents & Brokers, the average premium for cyber insurance coverage increased 25% during Q2 2021, which was on top of an increase of 18% in the previous quarter.
With the higher premium costs and firmer due diligence underwriters are performing before approving cyber insurance policies, we’re seeing first-hand that renewal conversations are happening 6+ months before policy expiration dates. The takeaway? It’s a big job, so start your cyber insurance process early.
In this on-demand webinar listen to guests, Tom O’Neill, Management Liability Coverage Specialist from Fred C. Church, Inc., and Chris Hills, Chief Security Strategist from BeyondTrust, discuss common cyber insurance questions they’re hearing directly from customers, how to prepare for your 2022 renewals, and tips on how-to make the application process a little less stressful.
Tom and Chris also answer these 3 common cyber security questions:
- What are the most important security controls insurance carriers are requiring for coverage?
- Why is the cyber insurance application process so complicated and why have the cyber insurance premiums gone up so much?
- How much cyber insurance should I have?
Access the live audience Q&A document and Privileged Access Discover App here!
Meet the Presenters
Tom O'Neill, Management Liability Coverage Specialist, Fred C. Church
Tom O'Neill joined Fred C. Church in 2019 as the coverage specialist for Cyber, Management Liability, and Professional Liability coverage lines. In coordination with the commercial insurance client executives, he regularly consults with clients about their risk management strategies and cybersecurity mitigation efforts.
Christopher Hills, Chief Security Strategist, BeyondTrust
Christopher L. Hills has more than 15 years’ experience as a Senior Security and Architecture Engineer operating in highly sensitive environments. Chris is a military veteran of the United States Navy and started with BeyondTrust after his most recent role leading a Privileged Access Management (PAM) team as a Technical Director within a Fortune 500 organization. In his current position, he has responsibilities as a Senior Solutions Architect consulting on PAM implementations and reports to the Office of the CTO as Chief Security Strategist for the Americas. In his free time, Chris enjoys spending time with his family on the water with their 32-foot speedboat in the summer and taking to the sand dunes and off-roading in the winter.