“I hope that never happens to us, we need 99.999% uptime” says my client as we talk about a recent cyberattack.
“Do you have an action plan in place and given your growth have you recently reviewed your cyber insurance coverage with your broker?” I inquire.
“Good question, I hope so”, they respond...unfortunately, it’s a growing concern and a frequent question we hear, “what will tomorrow bring?”
The client I’m meeting with is experiencing rapid growth. They’ve hired our team at HUB International to review their benefits and health data analytics live to give them actionable insights and confidence in their decisions about their benefits plan design. I lead our Analytics & Decision Science team nationally to help our clients be confident in the decisions they have to make. It’s fascinating work and I love it.
Yet, even before we start, here we are, talking about cyber risk.
We’re all confronting new challenges and none of us could have predicted everything 2020 brought us.
Now it’s 2021. The Pandemic rages on and Cybercrime incidents are rising. Even while vaccines are being distributed, organizations are facing increased risks to their finances, image and the well-being of their people.
This is where we can help our clients be ready for tomorrow. HUB International is the largest insurance broker and advisor in Canada (5th in the world) with 450+ offices (13,000 employees) in North America which enables our team to be aware of the current risks our clients are facing.
Given our large and rapidly growing talent bench strength, we have access to the best cyber security legal, risk management and insurance leaders. Every time I introduce our clients to this talent, both the client and I learn something new and how to take steps to reduce or shed the risk.
A year ago this month, I had met with Tyson Johnson (CyberNB/CIPnet CEO) and Brendan Dunphy (Director, Trust & Compliance). Tyson shared his vision of the need to have Cyber Insurance as a key pillar of the certification process and the key critical protection it would give the network. They had been talking with other insurers and brokers for years but no agreements had taken root.
I introduced Tyson and Brendan to key members of our team, Paul Huestis (HUB International Atlantic) and Patrick Bourk (HUB International National Cyber Practice Leader). Three months later, we had an agreement and framework in place to help CyberNB, CIPnet and their member organizations. It’s a perfect example of our technical and creative capabilities as a team, even during a global pandemic with a decentralized workforce in a very tough insurance market.
On March 31, CyberNB |CIPnet will be hosting a webinar where Patrick will be sharing actionable insights to help organizations know how best to align breach response planning with insurance and risk mitigation solutions.