Matthew Koenig – Channel Consultant at SeedPod Cyber
In today’s world the possibility of a client getting breached in some way is extremely high despite your best efforts. It is like trying to understand what my wife is thinking, I keep trying, but I am always wrong!
Unfortunately, the bad guys are constantly coming up with new ways to outrun the good guys and keeping up is a full-time job.
Therefore, it is more critical today than ever to have a cyber liability insurance policy in place.
Your Client’s Security Gaps Are Now Your Problem—Here’s Why
All policies require certain “security” controls be in place and although there is overlap, each one is slightly different. When your client signed or renewed their policy, they may have even agreed that they had all the required controls in place (Yeah…about that!) even if they did not.
Now, Matthew, why do I care? I do not sell insurance; I do not make money off insurance, and why does it matter if my client is stupid? Au contraire mon ami (didn’t no I spoke French did you?)
Remember, if your clients are not 100% compliant, the insurance company is within their rights not to pay out anything. This is NOT said to scare you. Well, a little bit. However, it is for your own good and I do it with a smile. Unfortunately, these are the facts in the insurance industry today. Part of your job is to be a mind reader, detective or Seal Team 6 member and try to find out what they committed to that in the end will bite you in the ass. It is like my wife saying “do what you want”; I know that means stop in my tracks and ABSOLUTELY do NOT do what I want but figure out what evil is going through her mind.
Unfortunately, it has become your responsibility to make sure they are meeting all the controls that the policy requires. I know, I know…like you need more shit to do? However, hang in there and let me explain why that is actually good for you.
Protecting Your Clients (and Yourself) From a Costly Cyber Insurance Mistake
So, first of all, if you review the policy and find out that all controls are not in place, you can now have a FACTUAL conversation with the client about what they agreed to, what they do not have in place and why they will not get paid if something ever happens. “But they think I am already doing all of this!”. Really, can they tell you that you have all the controls in place that an insurance company requires even if you have never seen it? I do not think so. There is a standard security plan you offer which is considered generally acceptable and then there is the EXTRA special one that each insurance company requires. You cannot be doing everything unless they are willing to pay a lot for it. Therefore, that excuse does not work.
Next, it gives you the ability to save the day and earn trust. Finding out that they are literally throwing money away (which they are doing not meet the policy requirements) and you showing them this will make them feel as good as a bright summer’s day on the beach sipping a sweet rum drink…never mind, you get the point. The feel good endorphins will be all around.
It also gives you the ability to sell more services. You are not using fear, uncertainty, and doubt. You are bringing them factual information that based on what they are doing now, they are better off buying that sports car they always wanted…I mean who does not want a 1969 resto-mod Camaro with a modern LS 3 V8 engine…oops…sorry.
Finally, and this is HUGE! If they do not have a policy in place that you are sure will pay out in case of a breach, how are YOU getting paid to fix it? You are most likely not; however, the expectation will be that you should do so and then you have a huge fight on your hands with a good client and unlike Tyson with Jake Paul, no one is going to take the fall for it but you!
Furthermore, if your client does NOT have a policy in place, ACCCCCKKKK!!! Run like Usain Bolt in the Olympics but without looking because he knew he was better than everyone else. In all seriousness, you have to guide them to it for their own good.
Protect Your Clients, Protect Yourself… and Wish Me Luck at Home
So hopefully, I have helped you understand the new world of how important it is for you to be involved in your clients and/or prospects cyber liability insurance policies and/or that my wife and I really need marriage counseling. However, either way, I hope this information helps you continue to grow, prosper and succeed and until next time…GO BE AWESOME!!
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