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. #BeCyberSmart
Read this blog to learn more about the intersection of understanding risk, mitigating risk, and transferring residual risk for a complete cyber risk management program.
Risk mitigation has been an important part of business for a long time, but protecting your business is even more important in the modern era. Cyber insurance provides the protection you need for your business, so you need to make sure you have a reliable cyber insurance provider if you want to protect your business and prepare for the future. As we say at Trava, "Secure for the known. Insure for the unknown."
The concept of insurance existed long before there were computers and cybercrime, way back in the 1700s. Benjamin Franklin started the first insurance company in 1752, when he created the Philadelphia Contributionship for the Insurance of Houses. Not only was this the first insurance company in the United States, but there were no public fire companies, so Ben Franklin's company was also responsible for responding to fires and trying to put them out. In order to get coverage, you needed to have a relationship with the Philadelphia Contributionship for the Insurance of Houses, which isn't far off from how insurance works today.
Cyber insurance isn't just about protecting data; it's so much more than that. While data breaches are a big threat to cybersecurity, there are other losses a business can suffer as a result of cybersecurity vulnerabilities, including downtime, or business interruption.
By working with a company like Trava from the beginning of the cyber insurance process to the end, you can get a better idea of the risks that face your company, the coverage you need, and more. This can help you get lower premiums, higher limits, and coverage that's specifically tailored to fit the needs of your SaaS company.
Trava can guide you through every step of the cybersecurity process. Trava doesn't just offer protection in the event that you're the victim of a cybersecurity attack, we work proactively to help you protect your business. We can assess risks that may be facing your business and help you mitigate those risks, plus we can help you get the perfect cyber insurance policy for your company. As cybersecurity becomes an increasingly important part of doing business in the modern world, partnering with companies like Trava becomes even more beneficial for small and medium-sized businesses.
Data-driven cyber insurance provides essential protection moving into the future.
Talk to a Trava insurance advisor to learn how we can help.