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From Courtroom to Cyber Carrier with Michael Phillips
Manage episode 443113074 series 2922251
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In this Power Producers Podcast episode, David Carothers speaks with Michael Phillips, who leads the U.S. cyber underwriting practice at CFC. They discuss the state of the cyber insurance marketplace, the evolving risks businesses face due to cyber threats, and how insurers like CFC are addressing these risks. Michael highlights the importance of understanding the continually changing nature of cybercrime, particularly as it relates to geopolitical tensions and the rise of offensive cyber operations. They delve into the role of insurance in providing not just financial coverage but also emergency response services to businesses of all sizes.
Key Points
Cyber Market Evolution:
CFC has remained a leader in the evolving cyber insurance space, focusing on emerging risks and staying consistent even as the market fluctuates.
Sales Enablement:
Agents need better tools to educate clients on cyber risks. CFC provides resources like benchmarking, ransomware calculators, and case studies to help overcome sales objections.
Comprehensive Cyber Coverage:
Agents have a duty to offer sufficient cyber coverage. Failure to do so can have severe consequences for both the client and the agent’s liability.
Cyber Underwriting Challenges:
Cyber threats constantly evolve, requiring thorough underwriting. CFC uses tech like vulnerability scanning to offer accurate coverage.
MSP Partnerships:
Partnering with managed service providers helps bridge the gap between cybersecurity and cyber insurance, benefiting both agents and clients.
Proactive Services:
CFC offers proactive incident response and threat monitoring to help businesses mitigate cyber risks before they escalate.
Overcoming Objections:
Agents should lead with education and real-world examples to help clients understand the true costs of cyber risks and why insurance is essential.
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