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Perspectives

New Episode: How (and Why) to Make Friends with Your Cyber Insurer

The sign of a good agent is if they can go deep on the technical stuff and help protect you against the data-related risks causing more losses lately. We’re talking “legal hackers” and other new cyber headaches. Peter Hedburg of Corvus Insurance explains.

Here’s a taste of the episode:

Insurance gets a bad rap generally, but cyber is different because the risk and the exposure are constantly evolving throughout the year. That means there’s an ongoing dialogue – or, at least, there should be – between a carrier and the insured, says Peter Hedburg, vp of cyber underwriting at Corvus Insurance.

The trick is finding an agent who can answer your IT director’s technical questions. (Yep, that means you need your IT leader in the room when you’re discussing policy options.) Your agent should also be able to explain today’s newest threats triggering significant losses – like third-party risk from “legal hackers,” as Hedburg calls them.

These risk assessments will demonstrate top-tier cybersecurity practices to cyber insurers. They can also lead to better terms and lower rates.

“Very creative lawyers are now starting to use arcane and kind of obscure laws to bring lawsuits, especially class-action lawsuits…, which allows plaintiffs to bring damages or just allege some sort of violation” when a company collects or shares their data, he says.

If your organization, like many, has been hoarding data like gold, thinking there's some business use for it – watch out. It’s actually a major insurance liability: “I think that a huge piece of covering your third-party liability right now is just jettisoning data you don't need.”

[LISTEN TO THE FULL EPISODE: Ep. 20 – How (and Why) to Make Friends with Your Cyber Insurer]

“I think that a huge piece of covering your third-party liability right now is just jettisoning data you don't need.”
Peter Hedberg, vp of cyber underwriting, Corvus Insurance

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