Watch an excerpt from the fireside chat among Trava CEO Jim Goldman, insurance industry veteran Charlie Wilmerding, and Trava Director of Insurance Ryan Dunn as they talk about cyber insurance, past, present, and future.
When it comes to cyber insurance, knowing what the policy does NOT cover is as important as knowing what it DOES cover. Read this blog to learn more.
Trava is dedicated to helping you assess your company's cybersecurity to identify and mitigate risks. By being proactive, you can protect your company from cyber threats and have a plan in place in case there is a data breach or some other loss. So, why do you need cyber insurance if Trava is committed to helping you assess cybersecurity and mitigate risks?
There's an old saying: "The best defense is a good offense." At Trava, we work hard to spot any potential cybersecurity risks and help your company mitigate those risks. Being proactive when it comes to cybersecurity is the best way to protect your business, but that doesn't mean it always works. In this day and age, it is likely that your business, even if it is a small or medium-sized business, will experience a cyber incident. Cyber insurance is simply a last line of defense that kicks in if risk assessment and mitigation aren't enough to prevent cyber threats.
Despite how hard you may work to eliminate risks and shore up cybersecurity, there are a lot of potential vulnerabilities for businesses today. For example, the Colonial Pipeline shut down in May 2021 as a result of a cyber attack. To make matters even worse, this cyberattack targeted a third-party billing system used by Colonial Pipeline, which is something Colonial Pipeline has little to no control over. Trava can't protect against these attacks either. Eventually, a ransom of $4.4 million was paid to hackers by Colonial Pipeline.
The main goal of Trava is to shine a light on the blind spots of cybersecurity. However, we can't spot every single potential risk, and there are some risk factors that neither Trava nor your company can control. Cyber insurance helps protect against these unforeseen risks, so you don't have to take a massive financial hit as a result of a cybersecurity vulnerability. If the security of your company is compromised as a result of a third party or something else that's out of your control, cyber insurance will kick in and help you absorb the financial loss and recover more quickly.
As important as it is to be proactive when it comes to spotting and mitigating risks, there are some factors that are simply out of your control. Trava can help you get the cyber insurance your company needs to protect against threats, so you're protected no matter what threats the future holds.
Talk to a Trava insurance advisor to learn more.