Welcome to the In the Hot Seat Series - presented by Carbide. Here, you’ll learn about all things security, privacy, and compliance for startups and high-growth companies. Our roster of industry experts are here to answer your burning questions and share their insights. Every episode, they’ll discuss the various security and privacy compliance tools, methods, and resources you and your business can use to gain the competitive edge you’ve been looking for.
Today's host: James Boyle, Manager of Partnerships & Channel, Carbide
Today's guest: Ryan Dunn, Director of Insurance, Trava
In today’s episode, James sits down with Ryan to discuss the importance of cyber insurance for companies, whether they are in the SaaS world or not. They delve into the evolving landscape of cybersecurity and why it's crucial for businesses to have cyber insurance coverage. They explore the risks and challenges companies face in the digital age and how cyber insurance can provide financial protection and support in the event of a cyber incident.
Stay tuned as they share their expertise and insights on this topic, and remember, cyber insurance is an essential component of a comprehensive cybersecurity strategy.
Timestamps:
What does Trava (insurance) do? 01:17
What is cyber insurance? 01:50
How Trava uses technology to help their customers 02:48
When should you get cyber insurance? 04:58
To meet underwriting criteria, what do cyber insurance carriers look for in SaaS and non-SaaS businesses? 08:34
How can companies demonstrate that they have a good security posture? 10:40
How does Trava help companies demonstrate they have a strong security posture? 12:01
Does having a SOC 2 audit report or an ISO 27001 certification affect how insurance carriers look at companies? 14:42
Is it more complicated to get cyber insurance today because of security frameworks like SOC 2 or ISO 27001? 16:39
Are SMBs worried about meeting the criteria for cyber insurance due to increased complexity? 19:41
Why cyber insurance is different from traditional insurance 21:50
Why companies need to be specific when choosing their insurance carrier 27:09
What are the top things SMBs should consider when it comes to cyber insurance? 28:26
What is the difference between general liability and cyber liability insurance? 31:14
The single most important thing to know when it comes to cyber insurance 35:20