The Cyber Insurance Imperative: Recent Episodes
David Finz
This podcast surveys the Cyber threat environment confronting small and mid-sized businesses, explain how Cyber insurance responds to losses resulting from a Cyber event, and define the role of the insurance broker in the risk assessment, underwriting, and claims processes. Support this podcast: https://anchor.fm/david-finz/support
SPECIAL FATHER'S DAY EDITION. On July 1, new laws protecting children online will be taking effect in three states. In this episode, David provides an overview of the new requirements and offers some recommendations to help businesses stay in compliance and out of hot water. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
CISOs NEED DIRECTORS AND OFFICERS LIABILITYINSURANCE! A recent survey of over 1,600 information security professionals by a leading cybersecurity firm underscores the concern many CISOs share around personal liability in their roles. In this episode, David discusses what's driving this concern and how the right insurance can help companies recruit and retain talent. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
ROCKY MOUNTAIN AI: Colorado recently became the first state in the nation to enact a comprehensive law regulating the use of artificial intelligence. In this episode, david discusses the scope of the new statute and the types of insurance coverage that businesses will need to respond to claims arising from the use of AI. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
"IT'S LIKE THE 1980's OR 1990's." The recent cyber attack on a major U.S. healthcare system has disrupted patient care and forced many of its business partners to disconnect from its network. In this episode, David highlights the type of insurance coverage available to impacted organizations and discusses the importance of tabletop exercises in helping businesses prepare for the worst. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
WHEN IN DOUBT, REPORT! In this episode, David discusses the importance of giving timely notice of even the most seemingly minor incidents under a cyberinsurance policy.--- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
CAN'T MAKE IT TO RIMS? In this episode, David offers a sneak peak into his panel's presentation on the use of AI as part of an overall cybersecurity risk management strategy. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
DEATH BY A THOUSAND CUTS. A newly released report from a leading managing general agent highlights the persistence of cybercrime as a method of attack. In this episode, David discusses what's behind the surge as well as how companies can safeguard themselves from these less severe but highly prevalent types of claims. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
HATERS GONNA HATE, FITCH IS GONNA RATE! An upcoming report from Fitch ratings highlights the continued profitability of the market for cyber insurance, refuting the naysayers who have doubted the sustainability of the product. In this episode, David explains how businesses can take advantage of these favorable market conditions to obtain better pricing and coverage terms. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
LIGHTNING STRIKES TWICE! News reports indicate a second ransomware attack has been perpetrated against Change Health Care. In this episode, David discusses pre and post incident services that can help a company prepare for, and learn from, a Cyber attack. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
SPECIAL EDITION: WHAT DO SAUSAGE AND LEGISLATION HAVE IN COMMON? A discussion draft of new Federal data privacy legislation has bipartisan support. In this episode, David breaks down what's in the bill, how it would work with existing laws, and what it could mean for your company's data security practices. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
DON'T LET THIS BE THE ACHILLES' HEEL OF YOUR RISK MANAGEMENT PROGRAM. A contract provision that often gets overlooked between IT service providers and their customers can have huge implications for their insurance. In this episode, David discusses a recent case, focusing on what the court didn't say and why marrying your contract wording to your insurance coverage is so important. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
NOT READY FOR PRIME TIME? Whether your company is considering filing for an IPO or just concerned about compliance with industry standards around cybersecurity, managing cyber risk has become a boardroom issue. In this episode, David discusses ways to effectively and affordably build cyber resilience into your risk management framework while keeping plaintiffs and regulators at bay. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
A DOUBLE EDGED SWORD. The use of information technology in supply chain risk management has enabled manufacturers to track inventory more efficiently, but has also opened up new vectors of attack for threat actors. In this episode, David discusses some common sense tools that businesses can use to defend against cyber attacks to their supply chain, and explains how cyber insurance can help companies recoup their losses when disruptions occur. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
OLD TACTICS, NEW TARGETS: A recent report from a nonprofit dedicated to promoting cyber resilience among financial institutions indicates that the sector is witnessing a spike in DDoS attacks. In this episode, David discusses what's behind the surge and what financial services companies can do to protect themselves from business interruption and reputational harm. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
NO EASY ANSWERS. As the healthcare sector still reels from the latest ransomware event, the debate rages over the morality and utility of making payment to the threat actors to end a cyber attack. In this episode, David weighs the pros and cons while offering suggestions to help businesses become more resilient. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
TURN AND FACE THE STRANGE CHANGES! The technology unit of a leading health insurer is grappling with the effects of a massive cyber attack that has caused disruptions for pharmacies across the US. In this episode, David discusses the importance of third party risk management and building cyber resilience into the operations of healthcare organizations. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
IT'S SHIELDS UP FOR CALIFORNIA BUSINESS! An appellate court recently struck down a lower court's stay of enforcement of the California Privacy Rights Act, putting thousands of companies at a heightened risk of a regulatory action. In this episode, David examines the courts decision and discusses what businesses should be doing to ensure compliance with the Act.--- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
SPECIAL EDITION: LOCKED DOWN! An international law enforcement effort has successfully disrupted the infamous LockBit ransomware syndicate. In this episode, David breaks down why this is significant and how businesses should be protecting themselves from ransomware attacks.--- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
"DON'T CALL IT A COMEBACK!". Ransomware is back on the rise, according to a recent report by the blockchain analytics firm, Chainalysis. In this episode, David breaks down the factors driving the resurgence, and what businesses should be doing to become more resilient in the face of this latest wave of attacks. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
A RAY OF SUNSHINE FROM THE SUNSHINE STATE! A bill pending in the Florida legislature would offer a safe harbor to businesses facing data breach litigation if they comply with generally accepted cybersecurity standards. In this episode, David discusses the merits of this bill, and what companies should be doing to enhance their cyber maturity in the meantime. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
WHEN ALL YOU HAVE IS A HAMMER, EVERYTHING LOOKS LIKE A NAIL! The Federal Trade Commission didn't waste any time using the FTC Act to target companies it claims may be gaining an unfair, competitive advantage in the marketplace around the development of AI. In this episode, David discusses one of the remedies regulators may seek and how this may impact the utilization of AI by your company --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
LUCKY NUMBER 13! New Jersey recently became the 13th state to enact a comprehensive data protection law, going beyond breach notification to encompass standards for the collection, sharing, and disposal of personal information. In this episode, David provides an overview of the new law, and discusses what businesses should be doing to prepare and ensure compliance. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
YOU ARE NOW FREE TO MOVE ABOUT THE COURTROOM! A recent decision by a federal appellate court goes to the very heart of the scope of coverage afforded for business interruption under a cyber policy. In this episode, David breaks down the court's decision as well as the lessons it holds for businesses. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
WHO REGULATES THE REGULATORS? A recent hack of the SECs account on X resulted in a temporary spike in the price of Bitcoin, and raises some interesting questions about the security of information that companies share with regulators. In this episode, David outlines steps businesses can take to keep their own social media accounts safe. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
23 AND YOU! One of the leading DNA registries is facing over 30 lawsuits stemming from a massive data breach. In this episode, David focuses on what your company can do up front to minimize the likelihood and impact of such an event. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
In this episode, I sit down with Jeff Edwards of the Safehouse Initiative to discuss the long tail exposures associated with a cyber incident. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
NO CRYSTAL BALL, JUST SOME GOOD OLD FASHIONED COMMON SENSE. In this episode, David offers up three predictions for the cyber insurance market in 2024.--- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
AI COMES OF AGE! The European Parliament and the Council Presidency have reached a provisional agreement on The Artificial Intelligence Act. In this episode, David outlines what the new law means for companies doing business in Europe and possible ripple effects here in the States. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
YOU OKTA KNOW ABOUT THIS! A recent breach at a leading cloud-based identity company is more widespread than first reported. In this episode, David discusses the importance of vendor management, as well as some terms you will want to make sure are addressed in your contracts with service providers. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
REGULATORS SCORE KNOCKOUT IN "TITLE" BOUT. A recent consent order between the New York State department of financial services and a title insurance company underscores the importance of not just having the right cybersecurity policies in place but implementing them. In this episode, David takes a deep dive into the case, and discusses what financial institutions should be doing to ensure compliance around cyber risk.--- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
MAN BITES DOG! In an interesting twist, an infamous ransomware gang has actually filed a complaint with the Securities and Exchange Commission against its own victim, for failing to disclose their breach of the victim's network. In this episode, David outlines what companies can do to prepare for scenarios such as this. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
IN NEED OF TREATMENT: New York's governor has proposed sweeping new cyber security regulations for hospitals. In this episode, David discusses what's in the proposal, and what steps healthcare facilities should be taking to strengthen their network security and cyber resilience. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
Special Edition: CYBERTERRORISM IS TERRORISM. In this episode, David offers his thoughts on the war exclusion and its possible application by underwriters to the Israel Hamas conflict. Note, the views expressed here are strictly his own and do not necessarily reflect those of Alliant Insurance services. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
TALKING TOUGH ON AI! In this episode, David breaks down the latest Executive Order from the White House on artificial intelligence, and the insurance implications that may result. Plus, to celebrate the 100th episode of this podcast, listen for your chance to win a $25 gift card to your choice of Starbucks or Dunkin!--- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
Everything old is new again! A sharp increase in zero day attacks, fueled in part by the move-it file transfer vulnerability, has resulted in an uptick in the frequency of data breaches this year. In this episode, David discusses two processes that businesses should have in place to be prepared for the unthinkable.--- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
GOING BACK TO CALI! Governor Newsom recently signed into law a first-in-the-nation bill that allows California residents to have their personal information deleted from the records of data brokers. In this episode, David examines this law and discusses how to ensure your business keeps pace with the continually evolving maze of data privacy legislation. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
TIGHTENING BELTS! A recent survey of CISO's revealed that their budgets are under pressure amid rising costs for payroll and technology. In this episode, David discusses how to use risk assessment and quantification to make the most of your cyber security budget. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
UNCLE SAM WANTS YOU ... TO GET SERIOUS ABOUT CYBERSECURITY! A set of proposed rules recently published in the federal register would greatly impact how federal contractors do business with the U.S. government. In this episode, David explains what's in the proposal, and why businesses should begin adopting some of these practices, regardless of whether they are government contractors. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
RICO? NOT SO SAUVE! A potential class action has been filed against one of the nation's leading tax prep firms alleging that it conspired with Meta and Google to violate federal racketeering laws. In this episode, David discusses this latest twist in data privacy litigation, and what your company can do to safeguard against the wrongful collection of customer information.--- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
DON'T GAMBLE WITH CYBERSECURITY! Recent events at two casino chains illustrate the importance of managing the risk associated with a ransomware event. In this episode, David discusses an emerging attack vector that is believed to be associated with one of these events, as well as the importance of having the right coverage in place for losses associated with business interruption. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
THEIR FINGERPRINTS ARE ALL OVER THIS! In this episode, David issues a challenge to the underwriters to provide a risk transfer solution for biometric information privacy claims. This is a growing problem, given recent attempts by at least one insurer to exclude coverage under its policyholder's Employment Practices Liability Insurance.--- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
GONE PHISHING! According to the Cybersecurity and Infrastructure Security Agency, phishing is a contributing factor in more than 90% of all cyber attacks. In this episode, David outlines three steps you can take to safeguard your business from this insidious form of social engineering.
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PUTTING A MUZZLE ON "SILENT CYBER". A recent court ruling has dealt another blow to attempts to use Property and Casualty policies to cover cyber losses. In this episode, David discusses the more rewarding way to manage this challenging and constantly evolving risk.--- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
READ THE FINE PRINT: If there is one takeaway from the MOVEit file transfer vulnerability, it's that vigilance around vendor management has become a critical component of cybersecurity. In this episode, David offers three key considerations for business looking to engage an IT service provider.
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CYBER ATTACKS ARE LIKE AN ONION: as you peel back each layer, you start to weep! Forensics investigators and data restoration specialists are essential to the incident response process. But just because a vendor is approved by your carrier, that doesn't mean that all of their services are going to be covered under the policy. In this episode, David identifies steps businesses can take to minimize their out-of-pocket costs.
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PUTTING THE QUESTION TO REST! A new report from a leading British defense and security think tank dispels the notion that Cyber insurance is fuelling the ransomware epidemic. But that doesn't mean the industry shouldn't be doing more to encourage better cybersecurity on the part of policyholders. In this episode, David discusses what's in the report and how insurance brokers can help equip clients to be better prepared for a potential cyber attack.
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THREE (very non - technical) TIPS FOR A SUCCESSFUL TABLETOP EXERCISE. This past week, Alliant conducted a tabletop exercise for a large public entity. In this episode, David discusses some takeaways that can benefit any organization as it prepares to manage a crisis around a cyber attack.
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SPECIAL EDITION: ABOUT FACE: After initially indicating that it was deferring implementation of its new cybersecurity regulations until October, the Securities and Exchange Commission abruptly issued the new rules this past week, to take effect within 30 days of publication in the Federal Register. In this episode, David discusses the complicated interplay this presents between cyber and Directors and Officers liability coverage.
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FOR THE CHILDREN! A pair of recently enacted state laws are meant to keep kids safe online, and calls for enhanced Federal standards continue to grow. What can businesses do to keep up? In this episode, David explains why the right privacy counsel and insurance coverage can make all the difference.
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MEANWHILE, ACROSS THE POND ... This past week, the European Commission issued a decision paving the way for data transfers between residents of the EU and American businesses. In this episode, David discusses the new data privacy framework and what companies should be doing to achieve compliance.
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TAPPING THE BREAKS ON PRIVACY REGULATIONS. A pair of recent snags for government enforcement of data protection standards underscores the challenges facing regulators. In this episode, David discusses what's happening on the legal front and where businesses can look for best practices around cybersecurity.
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IS IT TIME FOR AN AI BILL OF RIGHTS? The White House is wading into the waters of Artificial Intelligence, offering a blueprint for ensuring data privacy and preventing discrimination. In this episode, David discusses what's in the blueprint and how businesses should prepare for the coming wave of privacy regulation.
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BACK TO BASICS. The annual report on data breaches from Verizon makes clear that while the types of assets hackers are looking to steal may have changed, they are still using the tried and true methods of attack, and the basic blocking and tackling around cybersecurity remain the same. In this episode, David provides a summary of this year's report and what businesses should be doing to achieve cyber insurability.
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UPDATE: The MOVEit file transfer vulnerability continues to put thousands of organizations that use this software at risk. How might this impact your cyber insurance renewal terms? In this episode, David discusses what to expect based on our past experience with software vulnerabilities, and how your business should prepare to remain insurable.
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SPECIAL EDITION. In this episode, David discusses the recently publicized vulnerability in MOVEit file transfer software and the steps your organization should take to protect your data.
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WHY I WROTE THE BOOK. A lot has changed over the past two and a half years. In this episode, David discusses what compelled him to release the Cyber Insurance Imperative, version 2.0, and what readers can expect from this updated edition.
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SPECIAL EDITION: LET'S GET TO THE HEART OF THE META!The big story out of Europe isn't the record fine under GDPR levied against the social media giant; it's the prospect of a data transfer ban, and that should concern every U.S. company doing business across the pond. In this episode, David explains why it matters and what businesses should be doing to stay in compliance. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
EVERYTHING'S BIGGER IN TEXAS, AND DATA PRIVACY IS NO EXCEPTION. This past week, the Lone Star State moved one step closer to enacting sweeping changes to its data privacy laws. In this episode, David discusses what's in the bill pending in the Texas legislature and what businesses should be doing to ensure compliance.--- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
Cybercrime doesn't pay, at least not like it used to. In this episode, David explains why fewer businesses who fall victim to ransomware are paying their attackers, but also cautions that cyber criminals haven't disappeared, they're merely shifting tactics. Here's what businesses should be doing to prepare. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
NOT PETYA? NOT SO FAST ... As the recent decision of the appellate division of the New Jersey Superior Court makes clear, an exclusion for hostile and warlike actions needs to involve actions that are ... well ... "warlike." But as underwriters tighten up wording on Property and Casualty policies, David explains why a dedicated Cyber insurance policy is still your best bet in the event of a claim. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
AI to the rescue? In this episode, David interviews Connor Atchison, Founder and CEO of Wisedocs. Connor founded Wisedocs to reimagine claims and bring intelligent record processing and reviews to the insurance ecosystem and their ecosystem. But does this approach bring with it security and privacy concerns? Connor addresses these as well. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
CYBER SPRING! Fitch Ratings is reporting some improvement in the marketplace for Cyber Insurance over the past year. In this episode, David discusses what's fueling this progress, and how policyholders should expect to benefit.--- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
STRAIGHT OUTTA WASHINGTON! This week's episode features a special guest. Stephen Vina from the Executive Office of the President speaks to our listeners about the White House's newly announced National Cybersecurity Strategy. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
MAKE THE MOST OF YOUR CYBERSECURITY BUDGET. As reported by the insurance media outlet Advisen this past week, financial constraints are what's keeping CISOs up at night. But how do they determine the best use of their spend? In this episode, David discusses a resource that can help guide these decisions, while better positioning companies to qualify for cyber insurance coverage. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
The recent leak of source code from a major social media platform has placed the issue of rogue employees back in the spotlight. In this episode, David outlines some steps that tech sector firms and other employers should take to ensure that their offboarding process minimizes the risk of a data breach. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
FINANCIAL INSTITUTIONS ARE IN THE SECs CROSS HAIRS AGAIN! Earlier this month, the securities and exchange commission proposed new cyber security requirements for regulated entities. In this episode, David breaks down the proposals, and offers suggestions on how firms can ensure their own cyber readiness. --- Support this podcast: https://podcasters.spotify.com/pod/show/david-finz/support
LAW FIRMS, TAKE NOTE: The recent action filed by the Securities and Exchange Commission against a prominent law firm would compel them to release the identities of clients whose information may have been compromised in a cyber attack. In this episode, David discusses the legal and ethical implications, as well as how cyber insurance responds to regulatory proceedings. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/appSupport this podcast: https://anchor.fm/david-finz/support
Public entities are under attack! The city of Oakland is facing a ransomware event, the latest to impact state and local governments. In this episode, David discusses why government entities seem so vulnerable to cyber incidents, and what they should be doing to better safeguard their networks and data. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/appSupport this podcast: https://anchor.fm/david-finz/support
THEY'RE FROM THE GOVERNMENT, AND THEY'RE HERE TO HELP YOU! Just last week, a bipartisan bill was introduced in the US senate to study ways to improve the information available to small businesses around cyber insurance. In this episode, David questions whether the ultimate solution should come from Washington or from the industry itself. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/appSupport this podcast: https://anchor.fm/david-finz/support
LIKE GIVING THE BURGLAR THE KEYS TO THE SAFE. A new strain of ransomware encourages victims to turn over information on their cyber insurance policies. In this episode, David explains why this is a bad idea, from both a legal and practical standpoint. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/appSupport this podcast: https://anchor.fm/david-finz/support
OUT OF INTENSIVE CARE! The healthcare sector has been a prime target for cyber attacks in recent years. However, there are signs that the patient is stabilizing, and may even be staging a rally. In this episode, David discusses the types of claims hospital systems and other health care providers are seeing today, and what they should be doing around incident response planning. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/appSupport this podcast: https://anchor.fm/david-finz/support
SPECIAL EDITION: A DOUBLE DOSE OF BIPA! A pair of recent decisions from the Illinois Supreme Court should have companies that collect biometric information on high alert. In this episode, David breaks down what these decisions mean for your company's data privacy practices. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/appSupport this podcast: https://anchor.fm/david-finz/support
WHAT DO ADULT UNDERGARMENTS AND THE INSURABILITY OF FINES AND PENALTIES HAVE IN COMMON? In this episode, David discusses the latest civil fine levied by the Federal Trade Commission, and how your cyber insurance policy may respond. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/appSupport this podcast: https://anchor.fm/david-finz/support
The NIST framework is like the laws of physics when it comes to cybersecurity; you ignore them at your own peril. In this episode, David discusses the proposed changes to this framework and what businesses can do to help safeguard their network and data. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/appSupport this podcast: https://anchor.fm/david-finz/support
THE GREATEST BENEFIT OF CYBER INSURANCE THAT YOU MAY HAVE NEVER HEARD ABOUT. Many insurance carriers are offering financial incentives to existing policyholders to help them improve their cybersecurity posture before a claim arises. In this episode, David explains how to take advantage of this important but often overlooked benefit, which can save you money on needed enhancements while making your business a better risk in the eyes of the underwriters. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/appSupport this podcast: https://anchor.fm/david-finz/support
AS ALBANY GOES, SO GOES THE NATION. The New York State Department of financial Services has closed out its comment period on proposed amendments to its cyber security regulations. These rules have far-reaching implications for financial institutions nationwide, as the DFS has been seen as a model for other regulators to follow. In this episode, David discusses what's in the proposed rule, and how financial services companies can manage risk under this regulatory framework. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/appSupport this podcast: https://anchor.fm/david-finz/support
CHAT GPT: SERVANT OR MASTER? A new artificial intelligence tool is taking the tech world by storm, but it's not without its share of cybersecurity risks. In this episode, David discusses what researchers have learned about this latest technology and explains how businesses can protect themselves from potential cybercrime.--- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/appSupport this podcast: https://anchor.fm/david-finz/support
IS THE GLASS HALF FULL OR HALF EMPTY? Though it continues to face its share of growing pains, the state of the cyber insurance market remains strong as we enter 2023. In this episode, David discusses current market trends, coverage considerations, and recent investments Alliant lliant has made to become full service cyber risk advisors to its clients. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/appSupport this podcast: https://anchor.fm/david-finz/support
Website spoofing is a growing method of cyber attack that should concern every business owner and marketing executive. Not only can spoofing result in lost business, it has the potential to saddle yo,u and your customers with stolen login credentials, lost account info, and even ransomware. In this episode, David explains how to stay vigilant, and where cyber insurance may come into play.--- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/appSupport this podcast: https://anchor.fm/david-finz/support
JUMPING (CRYPTO) JACK FLASH! Crypto-jacking is the biggest cybercrime threat that you may have never heard of, but it's on the way to becoming the preferred method of cyber attack for criminals in 2023. Also known as utility fraud, it can hobble computer networks and send your company's electric bills through the roof. In this episode, David explains why crypto-jacking has caught on, how to watch for it, and where to find insurance coverage for it. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/appSupport this podcast: https://anchor.fm/david-finz/support
Social media companies are in the spotlight once again. This past week, the U.S. Department of Justice filed a brief in the Supreme Court, in which it argued that the immunity enjoyed by tech companies under Section 230 of the Communications Decency Act has its limits. Does your company's insurance program cover media liability claims? In this episode, David explains the importance of this coverage for all types of businesses. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/appSupport this podcast: https://anchor.fm/david-finz/support
MANAGED SERVICE PROVIDERS are the backbone of IT infrastructure for many small and midsized businesses. This past week, the British government took steps to more closely regulate MSPs, but you don't have to wait for Washington to follow suit. In this episode, David outlines what your company can do right now to improve vendor management and safeguard your own network security. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/appSupport this podcast: https://anchor.fm/david-finz/support
The cyber insurance community has much to be thankful for. In this special Thanksgiving episode, David offers his take on the state of the market and why 2022 hasn't turned out to be the "turkey" for brokers and underwriters that some pundits had predicted.
This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app
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THE PERPETRATOR OF YOUR NEXT CYBER ATTACK MAY BE WALKING OUT YOUR FRONT DOOR. Departing employees and contractors could prove to be an insider threat, taking their credentials and sensitive data with them. In this episode, David highlights the importance of HR and IT integrating the off-boarding process into a company's cybersecurity program.
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IF THEY CAN MAKE IT HERE, THEY CAN MAKE IT ANYWHERE! New York's cybersecurity regulation for financial institutions has become a role model for regulators nationwide. Today, the state's Department of Financial Services proposed another round of amendments to these regs. In this special edition, David breaks down what's in the proposal and what's needed to make sure your cyber insurance coverage responds.
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ONE SMALL STEP, ONE GIANT LEAP. A recent report on the state of the cyber insurance market by the National Association of Insurance Commissioners indicates that underwriters are moving in the right direction for the long term sustainability of this product. But that has come at the expense of businesses that are paying more for coverage that is harder to come by. In this episode, David discusses how clients need a true cyber risk advisor who can deliver results in this challenging market.
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VENDOR WARRANTIES OR CYBER INSURANCE? WHY NOT BOTH? A growing number of cybersecurity vendors are offering warranties to their customers to defray the cost of incident response in the event of a data breach or other cyber attack. In this episode, David explains why this benefit can help supplement, but is no substitute for, a carefully crafted cyber insurance policy.
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They say everything's bigger in Texas, and the lawsuits are no exception. This past week, the Texas Attorney General took aim at Google over its collection of biometric information in alleged violation of the state's data privacy law. Would your cyber insurance policy respond? In this episode, David identifies three coverage provisions to look for.
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Lloyds of London was proactive in taking down their network when suspicious activity was detected. But how would your policy respond in the event of a voluntary shutdown? In this episode, David explains why the right wording matters. BONUS: a $10, Starbucks or Dunkin gift card goes to the first listener who can identify all six Shakespeare plays mentioned in this episode!
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UNCLE SAM TO THE RESCUE? Federal officials are seeking public comment around a proposal to create a federal backstop for catastrophic cyber losses, similar to what is already in place for acts of terrorism under TRIA. But will the involvement of taxpayer dollars mean a loss of flexibility in underwriting the coverage? In this episode, David explores the pros and cons of a government response.
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SPECIAL EDITION: The conviction of Joe Sullivan, former Chief Security Officer of Uber, raises interesting questions for the underwriting of both Cyber and Directors and Officers Liability Insurance. In this episode David offers his thoughts.
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DON'T BUY CYBER INSURANCE (until you have a fully funded cybersecurity budget!). As the global economy is slowing down, businesses are looking for ways to control costs. But skimping on network security is penny wise and pound foolish. In this episode, David introduces a new loss modeling tool that can help businesses get the most ROI for their risk management dollar.
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A federal appeals court has recognized current and former employees of a company victimized by a ransomware event as having standing to sue over the breach of their personal information. What should businesses be doing to protect themselves, and how does cyber insurance come into play?
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COMING TO AMERICA? The European Commission is proposing new legislation to safeguard the Internet of Things. As we have seen with the regulation of data privacy and social media, what happens in Europe eventually finds its way to the U.S.. What will the law require of businesses, and how will Cyber Insurance respond?
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Add the Federal trade commission to the growing list of regulators looking into the data privacy practices of American businesses. What should your organization be doing to prepare for this latest round of enforcement? In this episode, David looks at legal and coverage considerations.
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SEPHORA, SO GOOD! The California Attorney General is crowing about its first settlement of an enforcement action under the CCPA. But apart from the action taken against this beauty retailer, many other businesses are finding themselves in the regulators' crosshairs. What should businesses be doing to protect themselves?
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London Bridge is not falling down! The new market bulletin from Lloyd's addressing state sponsored Cyber attacks has caused a bit of panic in the cyber insurance community. But what Is the real scope and impact here? In this episode, David breaks down what it is, what it does, and what it isn't.
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What do the great theologian Martin Luther and the Federal Trade Commission have in common? The FTC is launching a new push into the areas of cybersecurity and data privacy. Reformation, regulation, and what it means for American businesses.
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Underwriters of cyber insurance are beginning to scrutinize the representations that policyholders make during the application process. How can businesses ensure that their security controls are accurately reflected in the application so their claims don't end up being denied at a later date? In this episode, In this episode, David explains the importance of providing fulsome answers, and the role of the broker in the underwriting submission process.
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A quantum leap forward? Washington is already taking steps to safeguard our nation against the threat to traditional encryption methods posed by quantum computing, but what can businesses do today to better manage risk in the area of data protection?
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RETAILER'S LAWSUIT RUNS OUT OF GAS! Underwriters of Cyber insurance should be breathing a sigh of relief now that a federal court has dismissed a potential class action lawsuit against a gas pipeline in connection with a business interruption it suffered last year due to a ransomware event. But where does that leave downstream business partners when supply chains are disrupted? David discusses how the right policy wording can make a difference.
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After taking some lumps in coverage litigation, insurance companies are beginning to insert exclusions for claims alleging mishandling of biometric information. In this episode, David explains why this is a step in the wrong direction, both for the Cyber Insurance industry and for the evolving technology around data privacy.
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A recent breach of patient health information at a debt collection agency has impacted hundreds of healthcare providers nationwide, and has put the issue of vendor management under the microscope. In this episode, David discusses the importance of ensuring that your contractual rights and obligations line up with your insurance coverage.
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California prides itself on being the tip of the spear when it comes to protecting data privacy. Ironically, the very agency charged with enforcement of these laws just acknowledged a breach which disclosed the personal information of thousands of California residents. What should public entities be doing to safeguard the data they possess?
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The Securities and Exchange Commission's proposed rules around cybersecurity have generated quite a bit of comment from the business community. In this episode, David breaks down what's at stake, and how your Cyber and Directors and Officers liability insurance might respond.
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Securing coverage for social engineering or computer fraud claims can sometimes be tricky. Both cyber and fidelity policies pick up elements of these losses. What are some of the factors clients should consider in better managing this form of cyber risk?
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FEDERAL DATA PRIVACY LEGISLATION GAINS TRACTION. A bipartisan bill is taking shape. What's in the bill, and what should businesses be doing to better manage cyber risk?
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ANATOMY OF A RANSOMWARE EVENT. Ever wonder what really happens when a company suffers a cyber attack? In this episode, David walks you through the timeline of a hypothetical loss and the players involved in the incident response. He also shows you why cyber insurance is so critical to the recovery process.
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THE MORE THINGS CHANGE, THE MORE THEY STAY THE SAME. Verizon's annual Data Breach Investigations Report is out. Here's what businesses should be doing to safeguard their network security and ensure that they have adequate cyber insurance coverage.
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READY, FIRE, AIM. California legislators are considering a bill that would give parents the right to sue social media companies when their kids become addicted. But Is this approach to limiting screen time misguided?
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WHAT A DIFFERENCE A YEAR MAKES. A recent report from Fitch Ratings shows that a majority of the leading Cyber insurers are underwriting the coverage profitably, and that their loss ratios are moving in the right direction. When will their policyholders begin to reap the benefits?
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INFORMATION IS POWER! Two recently enacted pieces of legislation are providing Uncle Sam with the tools to gather data about cyber attacks and then share this information with companies to help them strengthen cybersecurity. Here are some tips for business leaders to make the most of this public /private partnership.
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Is a national data privacy law an idea whose time has come? Connecticut is now the fifth state to enact a comprehensive privacy law, and businesses are struggling to keep up. What can your company do to stay in compliance?
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LET'S GET SOCIAL. The European Union is preparing to impose new restrictions on social media companies and search engines that are meant to safeguard data privacy. Will the U.S. follow suit? What does this mean for businesses who advertise online?
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If we outlaw ransom payments, only outlaws will make them! Recent legislative efforts in North Carolina and elsewhere to address the ransomware epidemic are a step in the wrong direction. But don't take my word for it; listen to the testimony of an FBI official before Congress.
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GOING ROGUE? A recent high profile data breach underscores the importance of addressing the problem of rogue employees as part of cybersecurity. In this episode, we discuss what businesses should be doing to safeguard their data.
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Uncle Sam wants you... to buy cyber insurance! Will the government's plan to expand TRIA to cover acts of cyber terrorism help the market for this coverage expand? What's at stake for businesses, and what wording can help them make the most of their premium dollars?
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We have met the enemy, and he wants his allowance! What do the recent hacks perpetrated by the Lapsus$ gang tell us about the importance of vendor management, and about messaging by companies following a cyber event? Here, I discuss a few of the lessons to be learned.
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A recent study by a leading cybersecurity firm reveals that social engineering is quickly becoming the scourge of small businesses. What can companies do to protect themselves, and what coverage is available in the cyber insurance marketplace?
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WHO YA GONNA CALL? The federal government is imposing an ever-growing patchwork of cybersecurity notification requirements on contractors, as well as companies within industries that are part of the nation's critical infrastructure. What can Business Leaders do to stay in compliance?
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The Internet of Things is here! How will cyber insurance respond to the growing threat of bodily injury and property damage losses resulting from the use of IoT? How are some cybersecurity firms already helping businesses manage this evolving risk?
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A challenge to the underwriters: in this hard market, what are insureds getting in return for having more skin in the game?
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In light of the Russian invasion of Ukraine and simultaneous #cyberattack on its banking system, the FBI and the #Cybersecurity Infrastructure & Security Agency have issued a joint advisory to American businesses around two newly discovered forms of destructive #malware. Here's what you can do to safeguard your network and data.
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Washington is talking tough on crypto. But what does the impending executive order mean for businesses looking to manage risk around digital assets?
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What do plane crashes, train, wrecks, and cyber attacks have in common? According to the department of Homeland security, more than you might imagine in this episode, we take a closer look at the new cyber safety review board and its foray into the log4j vulnerability.
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Registered Investment Advisors and funds take note: with the release of this proposed rule, the SEC is looking to take its enforcement authority around cybersecurity to a whole new level.
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War! What is the exclusion good for? Apparently in the view of one trial court, absolutely nothing.
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The cyber attack on the Red Cross should serve as a wake up call to non-profits of all sizes. If it can happen to them, it can happen to any charity. Here is some practical guidance on how to secure your network without breaking the organization's budget.
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It's International Data Privacy Week. What issues are top of mind for business leaders, and how is stepped up enforcement by regulators reshaping the cyber risk landscape?
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Today, we focus on the role of cyber risk and promoting diversity and inclusion in the workplace.
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Ransomware doesn't discriminate, but manufacturers seem to be pretty susceptible to these attacks. Why are manufacturers particularly vulnerable to ransomware, and what can be done about it?
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Log4j is like the corn syrup of software, it's in pretty much everything! How should businesses respond, and what does it mean for the upcoming cyber insurance renewal season?
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This podcast surveys the Cyber threat environment confronting small and mid-sized businesses, explains how Cyber insurance responds to losses resulting from a Cyber event, and defines the role of the insurance broker in the risk assessment, underwriting, and claims processes.
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