The US House of Representatives Committee on Small Business turned its attention to small businesses and cybersecurity, with speakers commenting that seeking out cyber insurance “forces” small businesses to gain a true understanding of their risk profile.
“The process of applying for a cyber liability policy forces you to acknowledge and address the potential vulnerabilities on your company. This is an assessment most small businesses have never taken,” said Robert Luft, speaking during the hearing on behalf of the National Small Business Association. “The application process made me account for several items that were not in existence for my company’s operations. For example, we did not have a cybersecurity policy, this was a sober awakening, as the sheer amount of resources to assist small businesses in building this critical document could not be more plentiful.”
However, Luft found some stumbling blocks along the way, telling the Committee, “It was my assumption that my current insurance agent would have the intimate details of potential polices thoroughly digested, this was not the case. In fact, from the time he introduced the policy to me, it was clear that he was unfamiliar with the underwriting process of cyber policies.”
Read more at https://www.advisenltd.com/2017/07/31/us-house-panel-looks-insurance-small-business-cyber-solution/
Erin Ayers, US House panel looks to insurance as small-business cyber solution (July 31, 2017), available with subscription at Advisen Cyber Front Page News.
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