Jul 29 2024 18 mins
On today's episode, Connor Swalm (CEO - Phin Security) does a deep dive into the complexities and challenges of the cyber insurance market with Will Brooks (Channel Chief - FifthWall).
They discuss why the current model of cyber insurance is struggling to keep up with the rapid evolution of technology and share personal anecdotes about the behind-the-scenes hurdles.
They also explore potential solutions for refining cyber insurance policies and the role of MSPs in helping businesses remain compliant and secure.
Takeaways
1. Cyber insurance is continuously evolving to keep up with technological advancements, but it's currently lagging behind due to outdated risk models.
2. The importance of adapting underwriting processes to accommodate more dynamic and real-time risk assessment in cybersecurity.
3. Potential conflicts of interest when cyber insurance carriers also offer cybersecurity services.
4. The opportunity for MSPs to provide continuous security management to help businesses maintain compliance with cyber insurance policies.
Connect with Will on LinkedIn: https://www.linkedin.com/in/wi1bo/
Website: http://fifthwallsolutions.com/msp
Connect with Connor Swalm on LinkedIn: linkedin.com/in/connor-swalm/
Phin Securities Website: phinsec.io/