Breaking News: Cyber Insurance more affordable and capable than ever!
NOW Is The Perfect Time To Talk With Us About Life Insurance
March 9, 2025New Jersey Contractor Surety Bonds
March 26, 2025
A major association of independent insurance agents has just released a comprehensive review of trends in the insurance markets for 2025. Importantly, “the cyber insurance market is anticipated to maintain relative stability into 2025.” Rates and premiums are flat to decreasing slightly, down 5%. New capacity, better underwriting, and greater client awareness and implementation of defense strategies are cited as the main reasons here. The message is clear: There is no better time to purchase standalone, comprehensive, cyber liability insurance.
At Puharic and Associates, we are making it easy to upgrade your cyber liability insurance with our convenient and easy-to-use cyber interview tool (try it by clicking here: https://www.puharicassociatesinc.com/cyber-questions ).
Many business owners and leaders have become exhausted discussing the topic of cyber security, which a few short years ago was on the periphery of prominent issues facing their business. Then came the pandemic, the work-from-home transformation, the global supply chain disruption, and the geo-political dangers of 2022.
Your business has transformed beneath your feet, changing the operations from a service or product delivery company, into a technology company that facilitates goods and services. Yet a key question to ask is whether your cyber security priorities are still living in 2020. Specifically, there are five things every business owner needs to know right now about their cyber vulnerability:
1. Your core business model has changed, and your operations are no longer extricable from technology.
When you began, you could describe your operations in a single sentence using the model: “we provide X goods or services to our customers.” After the government forced work-from-home lockdown of 2020 and 2021, in many cases without a conscious understanding of the change, many businesses now use more sophisticated technologies that employ multiple software and hardware methodologies to provide goods or services to their increasingly remote and hybrid customer base. In most cases, without willful planning, the technology component changed from a force multiplier and convenience tool to a mission-critical and core business function. Take a moment and contemplate your operations without the technology changes of the last two years?
With the preceding revelation in mind, it is time to revisit your strategic business plan. Where have you placed technology in the matrix of company priorities? How often do you revisit these priorities? Does this emphasis on technology translate up, down and sideways to every level of employee? Do you embrace technology as a partner in your business and provide the resources worthy of its status? Have you tested the systems and software you use to interface with your customers for their cyber vulnerability?
2. You must break the silo approach to insurance and IT services. Now! They must go hand-in-hand to protect your most valuable asset – your business.
If you currently carry cyber liability insurance, you might be familiar with the various insurance carrier questionnaires that are used to understand your company risk and develop pricing. You may even be forward-thinking enough to share the questionnaire with your current IT services partner. But now is the time to bring those teams together. Schedule a three-way meeting. Review the questionnaires of not only your current carrier, but the questions asked by every carrier your insurance professional has access to. Demand your insurance provider expand their market reach and professional education on the topic. Review the key critical questions with your IT services provider and develop a timeline to “get to yes,” that is, a plan to be 100% compliant with the latest insurance carrier mandates.
The simple truth that is sometimes overlooked is that the cyber insurance questionnaire is developed in response to the claims the carrier has witnessed or become wary of. The insurance carrier is tipping their hat and showing their cards about the core areas of cyber vulnerability. Your insurance agent has this knowledge but might not be aware of the power this knowledge can provide if put in the hands of the IT vendor you hired to protect your technology and data. Better yet, consider partnering with an insurance professional who has developed an integrated solution that pairs insurance with an IT services provider in a collaborative, sharing and communicating environment.
3. Every employee must take a proactive role in learning to prevent and identify hacking attempts as they have become that last line of defense, a human firewall, for your business.
The time has come to implement regular, company-wide awareness training designed to empower employees at every level of the company to fight and win in this new cyber war. Employee training should focus on:
· How to create passwords that can’t be hacked.
· Business password managers.
· How to identify fraudulent, spoofed (fake) email.
· How to best protect against ransomware.
· What is Zero Trust and why it is effective.
This is no longer a luxury affordable only to the larger employers. Every business that has been transformed by the technology revolution and hybrid work environment must engage with an IT services firm capable of training efficiently and effectively.
4. You must implement new technologies NOW
Fourth, cyber liability insurance carriers are demanding that clients move towards some common and emerging technology strategies:
· Multi-factor authentication (MFA) access to email and to remotely access your company files.
· A 3-2-1 backup solution (3 different backups on 2 different kinds of media, with at least 1 offline).
· Cybersecurity and phishing training as per above.
· Least privileged access to files (especially PII and PHI).
· Data encryption on mobile devices and backups.
· Zero-trust security. Zero Trust is a shift of network defenses toward a more comprehensive IT security model that allows organizations to restrict access controls to networks, applications, and environment without sacrificing performance and user experience. “Never trust, always verify.”
· Endpoint detection and response (EDR).
5. You must recognize that ignorance is no longer an option.
Finally, and most importantly, you, the business leader, need to embrace cyber security as a mission-critical center of knowledge. It is your responsibility to read the latest, meet regularly with your IT professionals and Cyber insurance providers, and force cooperation among multiple vendors. You must engage in a program of regular training among team members to identify and respond appropriately to cyber threats. You must provide strategic thinking and break patterns of operations to create a “hardened target” that cyber criminals will pass by for easier and more vulnerable victims. You must build system redundancy and game-plan for hacking incidents and company response.
By joining the Puharic and Associates family of customers, I will also share my theories on laddering insurance, calculating how much is needed, and what to do once the life insurance expires. Give it a try today, by clicking the "Click Here" button.
At Puharic and Associates, we are making it easy to upgrade your cyber liability insurance with our convenient and easy-to-use cyber interview tool (try it by clicking here: https://www.puharicassociatesinc.com/cyber-questions ).
Many business owners and leaders have become exhausted discussing the topic of cyber security, which a few short years ago was on the periphery of prominent issues facing their business. Then came the pandemic, the work-from-home transformation, the global supply chain disruption, and the geo-political dangers of 2022.
Your business has transformed beneath your feet, changing the operations from a service or product delivery company, into a technology company that facilitates goods and services. Yet a key question to ask is whether your cyber security priorities are still living in 2020. Specifically, there are five things every business owner needs to know right now about their cyber vulnerability:
1. Your core business model has changed, and your operations are no longer extricable from technology.
When you began, you could describe your operations in a single sentence using the model: “we provide X goods or services to our customers.” After the government forced work-from-home lockdown of 2020 and 2021, in many cases without a conscious understanding of the change, many businesses now use more sophisticated technologies that employ multiple software and hardware methodologies to provide goods or services to their increasingly remote and hybrid customer base. In most cases, without willful planning, the technology component changed from a force multiplier and convenience tool to a mission-critical and core business function. Take a moment and contemplate your operations without the technology changes of the last two years?
With the preceding revelation in mind, it is time to revisit your strategic business plan. Where have you placed technology in the matrix of company priorities? How often do you revisit these priorities? Does this emphasis on technology translate up, down and sideways to every level of employee? Do you embrace technology as a partner in your business and provide the resources worthy of its status? Have you tested the systems and software you use to interface with your customers for their cyber vulnerability?
2. You must break the silo approach to insurance and IT services. Now! They must go hand-in-hand to protect your most valuable asset – your business.
If you currently carry cyber liability insurance, you might be familiar with the various insurance carrier questionnaires that are used to understand your company risk and develop pricing. You may even be forward-thinking enough to share the questionnaire with your current IT services partner. But now is the time to bring those teams together. Schedule a three-way meeting. Review the questionnaires of not only your current carrier, but the questions asked by every carrier your insurance professional has access to. Demand your insurance provider expand their market reach and professional education on the topic. Review the key critical questions with your IT services provider and develop a timeline to “get to yes,” that is, a plan to be 100% compliant with the latest insurance carrier mandates.
The simple truth that is sometimes overlooked is that the cyber insurance questionnaire is developed in response to the claims the carrier has witnessed or become wary of. The insurance carrier is tipping their hat and showing their cards about the core areas of cyber vulnerability. Your insurance agent has this knowledge but might not be aware of the power this knowledge can provide if put in the hands of the IT vendor you hired to protect your technology and data. Better yet, consider partnering with an insurance professional who has developed an integrated solution that pairs insurance with an IT services provider in a collaborative, sharing and communicating environment.
3. Every employee must take a proactive role in learning to prevent and identify hacking attempts as they have become that last line of defense, a human firewall, for your business.
The time has come to implement regular, company-wide awareness training designed to empower employees at every level of the company to fight and win in this new cyber war. Employee training should focus on:
· How to create passwords that can’t be hacked.
· Business password managers.
· How to identify fraudulent, spoofed (fake) email.
· How to best protect against ransomware.
· What is Zero Trust and why it is effective.
This is no longer a luxury affordable only to the larger employers. Every business that has been transformed by the technology revolution and hybrid work environment must engage with an IT services firm capable of training efficiently and effectively.
4. You must implement new technologies NOW
Fourth, cyber liability insurance carriers are demanding that clients move towards some common and emerging technology strategies:
· Multi-factor authentication (MFA) access to email and to remotely access your company files.
· A 3-2-1 backup solution (3 different backups on 2 different kinds of media, with at least 1 offline).
· Cybersecurity and phishing training as per above.
· Least privileged access to files (especially PII and PHI).
· Data encryption on mobile devices and backups.
· Zero-trust security. Zero Trust is a shift of network defenses toward a more comprehensive IT security model that allows organizations to restrict access controls to networks, applications, and environment without sacrificing performance and user experience. “Never trust, always verify.”
· Endpoint detection and response (EDR).
5. You must recognize that ignorance is no longer an option.
Finally, and most importantly, you, the business leader, need to embrace cyber security as a mission-critical center of knowledge. It is your responsibility to read the latest, meet regularly with your IT professionals and Cyber insurance providers, and force cooperation among multiple vendors. You must engage in a program of regular training among team members to identify and respond appropriately to cyber threats. You must provide strategic thinking and break patterns of operations to create a “hardened target” that cyber criminals will pass by for easier and more vulnerable victims. You must build system redundancy and game-plan for hacking incidents and company response.
By joining the Puharic and Associates family of customers, I will also share my theories on laddering insurance, calculating how much is needed, and what to do once the life insurance expires. Give it a try today, by clicking the "Click Here" button.