Below are a few ways agents can partner with their SMB customers to help ensure they are properly protected.

Lean on carrier resources when advising on cyber risk 

It is hard to believe that October was established as Cybersecurity Awareness Month twenty years ago in 2004. The speed of business and the technology that supports it has evolved exponentially in that timeframe. Artificial intelligence, connectivity, and security technology are all light years ahead of where we were in ‘04. However, the sophistication of cyber criminals and the tactics they employ have also kept that pace, consequently increasing the risk they bring to all businesses.

This is why the Cybersecurity Awareness Month campaign is so important to the commercial insurance landscape. No business is immune to cyber attack risk; small and medium-sized business (SMB) owners must be cognizant of this critical challenge.

SMBs can be especially vulnerable to cyber risk. According to the Hiscox Cyber Readiness Report, “41% of small businesses experienced at least one cyber-attack during the last year.” Now is the time for agents to brush up on why cyber coverage is a vital part of a comprehensive insurance package and to convey this need to their customers. For more supporting info on the issue, read Coterie’s 5 Reasons Your Clients Need Cyber Insurance.

Cybersecurity Awareness Month is a reminder to spend time researching resources so your customers don’t have to

As a trusted partner in helping protect SMBs, we’ve compiled a list of resources that will help agents guide customers to the right cyber protections:

• Hiscox’s Top 5 cyber threats of 2024: How to keep your small business safe outlines the specific threats that are on the rise. These include Payment Diversion Fraud, which has emerged recently as a rising threat, as well as Ransomware, which is still the #1 cyber threat businesses face today.

• In the article “Does Your Business Have the Cyber Coverage It Needs?” Acuity does a great job of breaking down all the cyber coverage needs a business might require. From identity recovery to data compromise liability and everything in between, it is a nice checklist to review when discussing your customer’s cybersecurity needs during Cybersecurity Awareness Month or any other time of year.

• Many SMBs don’t have dedicated, trained resources to assess cybersecurity vulnerabilities, let alone to rebuild the systems that cause these weak points. This makes SMBs the prime target for cyber hackers. Most SMBs outsource their IT/security needs. This makes the selection of a managed IT provider absolutely critical. The cyber insurance provider At-Bay does a great job outlining the types of managed IT services available, how firms might differ, and even offers a few great questions to ask to make sure your business is protected from modern threats in 5 Questions To Ask Your Managed IT Provider. This is a great piece to share with your customers and also to examine for your own agency if you use a 3rd party to manage your IT needs.

• Earlier this year, Bold Penguin identified cyber risk as one of the top six "Evolving Risks of Small Businesses.“ We leaned on several subject matter experts from Berkley Management Protection , At-Bay, and Hiscox USA to dive deep into its importance and also shared some tips on how to advise your SMB customers.

• Chubb offers Chubb Cyber Stack, built with small businesses with less than 100 employees in mind. It is a curated collection of services geared towards preventing cyber incidents and empowering effective management and response. To learn more about Cyber Stack and other resources from Chubb visit their website for access to their Digital Appetite Guide, innovative videos, insightful reporting and more.

Use carriers’ cyber insurance resources

Use Cybersecurity Awareness Month as your motivation (if you need a little extra) to dig into available resources. It’s important to lean on the experts so you and your customers can concentrate on what’s important. Carriers have a vast library of resources available for agents and business owners to help them break down and navigate this complex topic. The following are a few available resources from trusted national and specialty carriers, whose expertise on the subject may prove invaluable.

• Hiscox offers “Cyber 101,” an informative introductory guide that helps agents become more knowledgeable on cyber risks, coverage, and industry terminology.

• 5 Steps to Proactively Address Ransomware Threats from Cowbell outlines critical steps for maintaining secure business operations online, including deploying multifactor authentication (MFA) as a company-wide cyber tactic, having backup systems, and utilizing network segmentation.

• Cowbell also offers extremely thorough, downloadable templates, including a Business Continuity Disaster Recovery Plan and Cyber Incident Response Plan Guide & Draft. Both of these templates could be invaluable aids in the creation of a viable disaster recovery and response plan that meets your customer’s needs.

• Travelers offers Expert Coaching and Support Services with cybersecurity experts to provide actionable advice and answers.

As of Fall 2024, the Bold Penguin Terminal platform includes five integrated carriers that specialize in cyber protection. Now is the right time to integrate cyber insurance into any comprehensive policy package, particularly with National Cybersecurity Month underway and the renewal season approaching for many. Compare multiple quotes to ensure that the policy quote is exactly what your customers need. And remember, staying ahead of the game today will protect your customers for tomorrow. 

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