In this episode of the Safe House Initiative, we're joined by Heather Mongeau, VP and Director of Cyber Product Solutions at Allied World Insurance Company. Heather takes us deep into the world of cyber underwriting and its critical role.

She clarifies that cyber insurance is more than just financial aid post-incident; it's about proactive risk management, including services like penetration testing and vulnerability assessments. Heather stresses the vital importance of accurately completing cyber insurance applications, especially for SMBs, and highlights how essential Multi-Factor Authentication (MFA) and other strong security controls are for securing coverage.

Key insights you'll gain:

• Underwriting is risk evaluation: It bridges the financial gap and enables business continuity.
• Applications are complex: Accurate details and knowledgeable brokers are crucial to avoid coverage denials.
• Security controls are prerequisites: Lack of MFA and other basics can lead to declined coverage.
• Cyber incidents are inevitable: Preparation is key to minimizing damage and downtime.
• Insurers offer more than just money: They provide valuable pre-breach risk management services and immediate access to incident response teams ("breach coaches") during an attack.

Heather emphasizes that cyber insurance is an evolving field, urging businesses to partner closely with brokers and carriers to find tailored coverage. Don't face cyber threats alone – leverage these resources to strengthen your security posture.

What's one security control your business uses that you think is absolutely crucial for cyber insurance? Let us know in the comments!

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