In this conversation between Matt Larson from Larson Insurance Solutions and David from Ironstack Technology, the topic of cybersecurity and cyber insurance for small businesses is explored in depth. Here are the key takeaways:
🔐 Why Cybersecurity Matters for Small Businesses
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Many small business owners mistakenly believe they are not targets because of their size.
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In reality, 90% of breaches happen to small businesses because they are easier targets and typically lack robust IT infrastructure or security.
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Hackers prefer vulnerable targets over large companies with strong security measures.
🛡️ Cyber Insurance: Then vs. Now
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Cyber insurance used to be a minor add-on, rarely used or claimed.
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Due to increasing incidents, insurance companies have tightened requirements, demanding businesses meet certain cybersecurity standards before coverage applies.
✅ Minimum Requirements for Coverage
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Requirements may include:
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Endpoint Detection & Response (EDR)
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Security Operations Center (SOC) monitoring
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Regular employee security awareness training
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Up-to-date antivirus and software patches
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Insurers now send detailed questionnaires (11+ pages), and any discrepancies or missing elements can void a claim.