NOW OFFERING $100 off Cyber Risk Assessments until the end of 2023!
Unless agencies have had a comprehensive cyber risk assessment in the past two years, they really should consider getting one done because it takes little time and delivers huge benefits.
The assessment by Thomas Wetzel & Associates begins with a 15-minute consultation to gather some critical details:
- what cybersecurity steps an agency has already taken,
- the degree to which the agency counsels clients about cyber liability coverages and insurer requirements to qualify and
- the vendors the agency uses (e.g., agency management system, rater, chatbot, lead generation software, etc.)
Following the consultation, they begin the assessment process, which includes:
- Public scan of the agency and vendors to Identify cyber weaknesses and specific incidents that can trigger a breach;
- Analysis of vendor user agreements which spell out the degree to which they have permission to sell, rent or share the agency’s personal and marketing data with unnamed third parties;
- Internal scan of an agency’s computers to detect malware and presence on the dark web. (This step requires us to obtain written authorization.)
- Detailed step-by-step recommendations to fix identified weaknesses, including a suggested implementation timeline.
When the report is finished, they schedule a one-hour consultation via Zoom in which they discuss the key findings and answer questions. Afterwards they send the final report, which typically runs 30 pages. For the recommendations, an agency can implement on its own or through an IT provider of choice or use discounted services through Thomas Wetzel & Associates.
The assessment benefits agencies in critical ways beyond knowing precisely the cyber weaknesses of their agency and vendors. First, the report complies with regulator and insurer requirements for a comprehensive cyber risk assessment. Most insurers have revised their agency agreements to require more agency oversight on cyber defenses so the assessment mitigates their concerns.
The report’s extensive non-technical explanations help producers guide clients on the need and value of cyber liability coverage. Even if an agency does not sell cyber coverages, being able to advise clients on how to guard against being hacked honors its role as a trusted advisor.
The regular one-time cost of a cyber risk assessment is $849, however as a thank you they are offering $100 off to IIABSC agency members for the rest of the year. The process only takes 2-3 weeks so you could start now and have a full report in December.
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