SecondSight is designed as a valuable companion for brokers in this journey, offering powerful solutions that can help brokers understand and communicate these risks effectively.
Rising Costs Recent trends indicate a surge in cyber insurance costs, evidenced by a 25% increase from 2021 to 2022 alone. Multiple factors contribute to this surge, including the increasing frequency and severity of cyber-attacks, the growing sophistication of cybercriminals, and the rising demand for cyber insurance.
Talking Point: Use SecondSight’s insights to explain to your clients the reasons behind the rising costs. SecondSight defines the exposure of your customers’ digital ecosystem. Using this analysis can help customers understand the relationship of cost to exposure. Emphasize the value of investing in comprehensive cyber insurance despite these costs.
Understanding Digital Assets The increasing relevance of digital assets in underwriting is a significant shift in the industry. SecondSight is designed for this evolution with an ‘inside out’ approach. By leveraging AI, SecondSight predicts and continually monitors the digital assets within a client’s organization, thereby providing valuable insights into associated risks and vulnerabilities.
Talking Point: Highlight how SecondSight’s unique capabilities help to understand the risk severity associated with digital assets, an essential part of modern cyber insurance underwriting.
Addressing Privacy Concerns In an era where data privacy is paramount, SecondSight’s ‘Privacy Exposure’ feature helps businesses understand the potential privacy risks associated with tracking technologies like pixel tracking.
Talking Point: Use SecondSight’s features to discuss with clients how addressing privacy risks can not only protect them but also make them more attractive to insurers.
Increasing Complexity The complexity of cyber insurance policies is increasing as insurers strive to cover a wider range of risks and exposures. Coupled with the constant evolution of the cyber insurance market, this can make it challenging for businesses to understand their coverage.
Talking Point: Highlight how SecondSight simplifies these complexities, offering a clear and comprehensive understanding of the risks involved, and helping clients navigate the evolving cyber insurance market.
Limited Availability The availability of cyber insurance is becoming increasingly limited, especially for small businesses and those in high-risk industries like healthcare and financial services.
Talking Point: Discuss the increasing difficulties in obtaining cyber insurance and explore alternative strategies for managing cyber risk, leveraging SecondSight’s risk assessment capabilities.
Leveraging SecondSight for Success
In this evolving landscape, SecondSight serves as a powerful tool for brokers. It integrates smoothly with existing sales mechanisms and enhances broker efficiency and productivity, while its focus on ease of use and affordability makes cyber insurance more accessible for small businesses.
Talking Point: Emphasize to your clients how SecondSight’s features simplify the process of managing and understanding cyber risks, making cyber insurance more accessible and efficient.
By understanding and leveraging SecondSight’s tools and insights effectively, brokers can better navigate the evolving landscape of cyber insurance. This empowers brokers to provide top-tier service to their clients, helping them manage their cyber risks in an increasingly complex digital world.