Agency CEO, Amir Tarighat, sat down with cyber insurance expert, Mike Volk, to discuss cyber insurance in our current day.
Mike Volk developed and currently leads the cyber risk solutions at PSA insurance. In this role, he’s responsible for helping clients make informed decisions about technology and cyber insurance and develop strategies to reduce cyber risk. For the past 10 years, he has worked in several roles where he helped individuals and organizations navigate the complex cybersecurity landscape. Mike is also active in the cybersecurity and technology community and currently serves on the board of directors for the Cybersecurity Association of Maryland.
Cyber insurance is one of those concepts where people–whether they’re small business owners, startup founders, or even cybersecurity technical people–really lack an understanding. It’s an extremely complicated area but absolutely critical and one of the three important categories of complete cybersecurity.
Nowadays, cyber insurance is necessary for really any business, unless it’s still pen and paper and doesn’t use technology or have data–of which there are only a handful of businesses out there still.
To begin the conversation, Mike gives a general overview of what cybersecurity is and the five key aspects he looks for when reviewing any cyber policy. He informs that these policies are consistently expanding, and there’s no base policy that every carrier provides explicitly. Cyber insurance has vastly changed in the last decade and continues to develop, which is another reason why the majority of people still lack understanding of this critical subject.
Mike continues to explain how the level and type of cybersecurity–how much you need, how much it will cost, what coverages are included–is different for every business, as it is dependent on the nature and needs of the business. In response, Amir asks if general liability coverage can include technical coverages and what the deal is with technical errors and omissions (technical E&O).
To that end, Amir asks Mike where someone who is just beginning should start if they are interested in buying cyber insurance and have yet to take any steps in the process. Mike then breaks down what first steps to take for cyber insurance beginners. He also goes on to suggest what anyone trying to get into the cyber insurance industry should do.
Finally, Amir asks Mike to share some of the wildest or most astonishing situations he’s come across in cyber insurance, such as hijacking and ransomware, and Mike even goes on to share some of the highest ransoms he’s seen: reaching up to 5 million dollars! To learn more about cyber insurance and understand why you should be aware and educated on this topic, watch the full Agency Live video of Mike and Amir’s conversation below.