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; keeping up is a full-time job and you need to be Batman to keep pace! How cool would it be if you were Batman…if there was a breach, they would send up the signal...sorry…childhood fantasy.
Therefore, it is more critical today than ever to have a cyber liability insurance policy.
All policies require certain “security” controls be in place and, although there is overlap, each policy 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, even if they did not. Would you be shocked?
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 know 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 your client 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 your clients 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.
First, 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,” you reply, “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 you for it. Therefore, that excuse does not work.
Next, it gives you the ability to save the day (see, you are Batman) and earn trust. Finding out that they are literally throwing money away (which they are doing if they do 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 to sell more services. You are bringing them factual information that based on what they are doing now, they are better off buying you that sports car you always wanted...I mean, who does not want a 1969 resto-mod Camaro with a modern LS 3 V8 engine...top down…sun out…sorry, got lost for second.
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! In all seriousness, you must educate them about the importance of it for their own good.
So, hopefully, I have helped you understand that Cyber Liability Insurance is YOUR FRIEND (not Food, sorry could not resist 🙃) and how important it is for you to be involved in your clients and/or prospects cyber liability insurance policies.
Either way, I hope this information helps you continue to grow, prosper and succeed and until next time...GO BE AWESOME!! I am going to go get something to eat (and get out of these tights, how the heck did Batman do this!).