Cyber Risk: A Twofold Approach

First, protect your agency, and then leverage your experience to sell cyber policies

Matt MasielloFrom Russian hackers cyber-meddling with the 2016 presidential election to the FBI asking Americans to reset their routers to foil a wide-spread cyber attack on U.S. citizens this past May, cyber incidents do not appear to be abating. Instead, it seems, cyber criminals are only getting more creative with time.

There’s one thing we know for sure: cyber-attacks can happen anywhere, anytime to anyone or any business—including a credit reporting behemoth like Equifax. As bigger businesses gain sophistication in fighting off cyber-attacks, some attackers are turning their attention to smaller businesses, like insurance agencies and their clients.

News of cyber incidents should encourage business owners and individuals to proactively stay alert for attacks. Unfortunately, many who read about high-profile breaches believe they are somehow immune from such an attack, comforting themselves with phrases like “it won’t happen to me” or “we don’t have anything a cyber-criminal could possibly want.”

Although independent insurance agents often help their commercial policyholders understand the cyber risk facing their businesses, they frequently neglect to make sure their own businesses are protected. Certainly, insurance agents have a responsibility to talk about cyber risk with commercial clients, but they are business owners themselves and, as such, should know how to reduce their own cyber risk.

Read the full article, written by Matt Masiello, Executive Vice President and COO of SIAA, published October 31, 2018 on roughnotes.com.