Estimated reading time: 3 minutes
Cyber Insurance And The Risk Reality For SMEs –
The latest Cyber Insurance News & Information Podcast focuses on cyber liability insurance, reflecting the rising concerns among SMEs. Executive editor Martin Hinton talks with Cowbell co-founder and COO Trent Cooksley. Together, they discuss why small and medium-sized businesses are now prime targets for cybercriminals. From ransomware to business email compromise to AI deepfakes, the threat is real.
Many SMEs still think their size protects them from cybercrime, despite repeated warnings and attacks. Today, threat actors target companies with smaller revenues and fewer staff. When digital threats disrupt business, cyber liability insurance helps companies manage the emergency.
Business Email Compromise, Ransomware, And Cyber Liability Insurance Claims
Business email compromise now causes many SME cyber claims. Criminals steal working capital by taking over accounts and redirecting payments. Ransomware is also a major threat, locking systems and stopping operations.
A single cyber incident can stop payroll, delay orders, and damage trust. Recovery costs can be very high, sometimes reaching six or seven figures. Cyber liability insurance helps cover restoration, legal help, and notification requirements.
Incident Response Speed and Policy-Backed Cyber Support
The episode explains how cyber incidents can quickly turn into major business crises. Once an attacker gets into a network, how fast you respond makes all the difference.
Even a short delay can put the whole company at risk of having its data encrypted. This can quickly lead to data loss and privacy breaches. Today, cyber liability insurance often includes incident response, forensics, and restoration services.
Cowbell’s approach combines insurance coverage with practical guides and technical partners. This combination helps strengthen your defenses and protect your finances.
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AI, Cyber Threats, And The Future Of Cyber Liability Insurance
Cooksley and Hinton discuss how AI is changing cyber risks. Criminals now use AI to create realistic phishing emails and deepfake messages. This lets them launch attacks faster and reach more victims with less effort.
Insurers and security teams now use AI to detect and monitor threats. They can spot problems earlier and stop intrusions faster. These tools are changing how cyber liability insurance is underwritten, priced, and limited.
Brokers, Data Quality, And Better SME Cyber Coverage
Brokers are key to helping SMEs protect against cyber risks. Cooksley highlights brokers who provide accurate data and honest assessments of controls. Good submissions help underwriters offer the right cyber liability insurance terms quickly.
This approach also motivates SMEs to improve MFA, backups, and endpoint detection. Cybercrime is an economic threat, not just an IT problem, and it can affect your bottom line. Whether it’s ransomware attacks or business email compromise (BEC), cyber liability insurance and good cyber practices now work together to protect businesses.
You can watch the episode here and get it at other spots, links below.
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Transcript: This has been checked for accuracy, but please verify any elements against the audio to be sure.
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