CORPORATE success depends more and more on access to data – and keeping that data secure. INSUREtrust, an insurance wholesaler that specializes in helping companies minimize their cyber risk, has created the Cyber Risk Management Leadership Award to highlight insurance agencies that are engaging in best practices for cyber risk management and that offer outstanding cyber liability insurance services to their clients.
INSUREtrust provides insurance for a wide variety of business needs, but has become known for handling the emerging risks of technology and the information age. INSUREtrust offers training sessions to independent insurance agents so that their clients can learn to recognize – and mitigate – the risks inherent to the digital economy.
“Many companies either don’t realize how easily data can be stolen or lost, or they don’t see the potential liability following a breach,” said Steve Haase, INSUREtrust’s president. “We’ve identified best practices that work, and we want to highlight the independent insurance agencies who are leading by example.”
The award will be given based on two criterion: how well a company implements its own internal cyber security practices, and how well it provides for the cyber risk management of its clients. Haase explains that this doesn’t just include security practices when working directly with the client, but also advising the client on emerging risks in the technology field and helping them assess risk with their vendors and partners.
“Cyber risk management is not limited to just the insured,” Haase said. “It’s a concern that touches every aspect of a business and its partnerships, and any effective strategy to reduce risk has to be just as broad-ranging.”
“Strong practices don’t just protect your company, they protect everyone you do business with,” Haase said. “It benefits everyone. This does not guarantee you won’t be breached, but it reduces the likelihood of a breach and strengthens your post-breach response.”