{"id":164402,"date":"2022-06-29T06:00:00","date_gmt":"2022-06-29T11:00:00","guid":{"rendered":"https:\/\/www.ict-pulse.com\/?p=164402"},"modified":"2022-06-29T06:13:57","modified_gmt":"2022-06-29T11:13:57","slug":"ictp-210-cyber-insurance-the-good-the-bad-the-risk-and-everything-in-between-with-max-pragnell-of-gallagher-insurance-brokers","status":"publish","type":"post","link":"https:\/\/ict-pulse.com\/2022\/06\/ictp-210-cyber-insurance-the-good-the-bad-the-risk-and-everything-in-between-with-max-pragnell-of-gallagher-insurance-brokers\/","title":{"rendered":"ICTP 210:  Cyber insurance, the good, the bad, the risk and everything in between, with Max Pragnell of Gallagher Insurance Brokers"},"content":{"rendered":"\n<p><em>With the upsurge in cyber incidents and breaches, increasingly, organisations are considering whether they need cyber insurance. Max Pragnell, of IIBre, a division of Gallagher Insurance Brokers, discusses the good, the bad and everything in between on cyber insurance including when is cyber insurance a good idea? What kind of coverage is usually offered? What are the typical requirements to secure coverage? Which incidents are covered and which ones are usually excluded from coverage?<\/em><\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<iframe loading=\"lazy\" width=\"100%\" height=\"166\" scrolling=\"no\" frameborder=\"no\" allow=\"autoplay\" src=\"https:\/\/w.soundcloud.com\/player\/?url=https%3A\/\/api.soundcloud.com\/tracks\/1296364879&amp;color=%23ff5500&amp;auto_play=false&amp;hide_related=false&amp;show_comments=true&amp;show_user=true&amp;show_reposts=false&amp;show_teaser=true\"><\/iframe><div style=\"font-size: 10px; color: #cccccc;line-break: anywhere;word-break: normal;overflow: hidden;white-space: nowrap;text-overflow: ellipsis; font-family: Interstate,Lucida Grande,Lucida Sans Unicode,Lucida Sans,Garuda,Verdana,Tahoma,sans-serif;font-weight: 100;\"><a href=\"https:\/\/soundcloud.com\/user-673719274\" title=\"ICT Pulse Podcast\" target=\"_blank\" style=\"color: #cccccc; text-decoration: none;\" rel=\"noopener\">ICT Pulse Podcast<\/a> \u00b7 <a href=\"https:\/\/soundcloud.com\/user-673719274\/ictp-210-cyber-insurance-the\" title=\"ICTP 210: Cyber insurance, the good, the bad, the risk and everything in between, with Max Pragnell of Gallagher Insurance Brokers\" target=\"_blank\" style=\"color: #cccccc; text-decoration: none;\" rel=\"noopener\">ICTP 210: Cyber insurance, the good, the bad, the risk and everything in between, with Max Pragnell of Gallagher Insurance Brokers<\/a><\/div>\n\n\n\n<p><strong>This episode is also available on <a href=\"https:\/\/soundcloud.com\/user-673719274\" target=\"_blank\" rel=\"noreferrer noopener\">SoundCloud<\/a>,&nbsp;<a href=\"https:\/\/itunes.apple.com\/us\/podcast\/ict-pulse-podcast\/id1373550291\" target=\"_blank\" rel=\"noreferrer noopener\">Apple iTunes<\/a>, <a href=\"https:\/\/playmusic.app.goo.gl\/?ibi=com.google.PlayMusic&amp;isi=691797987&amp;ius=googleplaymusic&amp;apn=com.google.android.music&amp;link=https:\/\/play.google.com\/music\/m\/Icau5acn2xiyl5yjuh7orl2mt54?t%3DICT_Pulse_Podcast%26pcampaignid%3DMKT-na-all-co-pr-mu-pod-16\" target=\"_blank\" rel=\"noreferrer noopener\">Google Play Music<\/a>, <a href=\"https:\/\/open.spotify.com\/show\/3d0U4ZYX80e5lenYLdzyX4\" target=\"_blank\" rel=\"noreferrer noopener\">Spotify<\/a>, <a href=\"https:\/\/music.amazon.com\/podcasts\/3f727ec1-de7d-416f-8bdc-31d9a911a09e\/ict-pulse-podcast\" target=\"_blank\" rel=\"noreferrer noopener\">Amazon Music<\/a> and on <a href=\"https:\/\/www.stitcher.com\/podcast\/ict-pulse-podcast?refid=stpr\" target=\"_blank\" rel=\"noreferrer noopener\">Stitcher<\/a>!<\/strong><\/p>\n\n\n\n<p>Depending on whom you speak to, insurance is considered a necessary evil. You pay a lot of money on a regular basis for recourse or support in the event an unfortunate situation occurs. The process to get that support can be tedious and long-winded at times, but in some instances, having insurance is a legal requirement, so there is no getting around it.<\/p>\n\n\n\n<p>Over the past few years, and in light of the uptick in online threats and incidents, plus the sense that no one is immune from a network or system breach, the subject of cyber insurance has been coming up more often. Some of the questions that we are all grappling with include, is cyber insurance a good idea? What kind of coverage is offered? Would my organisation benefit from getting that type of insurance? What are the requirements to secure coverage?<\/p>\n\n\n\n<p>These are just a few of the questions that are answered in this episode.<\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Introducing our guest<\/h2>\n\n\n\n<figure class=\"wp-block-image alignright size-full is-resized\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"164404\" data-permalink=\"https:\/\/ict-pulse.com\/2022\/06\/ictp-210-cyber-insurance-the-good-the-bad-the-risk-and-everything-in-between-with-max-pragnell-of-gallagher-insurance-brokers\/max-pragnell-gallagher-insurance-brokers\/\" data-orig-file=\"https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2022\/06\/Max-Pragnell-Gallagher-Insurance-Brokers-e1656442702475.jpg?fit=453%2C472&amp;ssl=1\" data-orig-size=\"453,472\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;8&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;Canon EOS 7D Mark II&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1544437816&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;58&quot;,&quot;iso&quot;:&quot;100&quot;,&quot;shutter_speed&quot;:&quot;0.008&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Max Pragnell (Gallagher Insurance Brokers)\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Max Pragnell&lt;\/p&gt;\n\" data-medium-file=\"https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2022\/06\/Max-Pragnell-Gallagher-Insurance-Brokers-e1656442702475.jpg?fit=288%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2022\/06\/Max-Pragnell-Gallagher-Insurance-Brokers-e1656442702475.jpg?fit=453%2C472&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/fgd.dfv.mybluehost.me\/.website_c81a1e61\/wp-content\/uploads\/2022\/06\/Max-Pragnell-Gallagher-Insurance-Brokers-e1656442416111.jpg?resize=360%2C285&#038;ssl=1\" alt=\"\" class=\"wp-image-164404\" width=\"360\" height=\"285\"\/><figcaption>Max Pragnell<\/figcaption><\/figure>\n\n\n\n<p>Max Pragnell is a cyber insurance broker with IIBRe, a division of Gallagher Insurance Brokers, and is based in Kingston, Jamaica. He works with companies across the Caribbean region to help them procure cyber coverage. Prior to his time in the region as a cyber specialist, Max focused on public liability insurance for several years in Chicago and London. He is a Chartered Property Casualty Underwriter (CPCU) and earned a Bachelor\u2019s degree in Psychology from Davidson College in North Carolina.<\/p>\n\n\n\n<p>As the Caribbean region continues to undergo digital transformation, Max is particularly interested in improving companies\u2019 cyber security controls. Cyber insurance nowadays is only available to those who take cyber security seriously, and the insurance component is a safety net for the catastrophic costs arising from a cyber event, predominantly from human error.<\/p>\n\n\n\n<p>Max works with companies across all industries, ranging from small and medium enterprises (SMEs) to large corporate clients. He predicts that the cyber insurance market will grow significantly over the next few years, and will become as common as property insurance by 2030. He encourages companies to get their \u2018skin in the game\u2019 as early as possible to improve future negotiations with insurers, to take advantage of expansive cyber coverages that are available today, and to protect companies\u2019 balance sheets from crippling expenses.<\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Insights into our conversation<\/h2>\n\n\n\n<p>Based on recent conversations in our <strong><em><a href=\"https:\/\/fgd.dfv.mybluehost.me\/.website_c81a1e61\/tag\/expert-insights-series\/\">Expert insights series on cyber threats and security<\/a><\/em><\/strong>, we cannot get away from how prevalent incidents and breaches have become, and consequently how vulnerable we, both individuals and organisations, are to these threats. Luckily, support via cyber insurance is becoming more available in the Caribbean region, and it may be a godsend to many organisations, depending on the severity of the incident and the damage and fallout that occurs.<\/p>\n\n\n\n<p>As a still nascent branch of insurance, cyber insurance is still evolving, but it is an area that more Caribbean organisations will need to explore in the foreseeable future. Nevertheless, it was fascinating to learn about the security controls insurers expect organisations to have in place in order to be considered, versus the types of coverage offered, as well as the types of incidents that usually are excluded from coverage.<\/p>\n\n\n\n<p>Below are key questions posed to Max during our conversation.<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li>How long has Gallagher Insurance Brokers been offering cyber insurance?<\/li><li>How has the take-up been? What industries so far are more prevalent in terms of cyber insurance take-up?<\/li><li>What should clients have in place before they secure cyber insurance?<\/li><li>For what reasons or under what circumstances would you not recommend an organisation secure cyber insurance?<\/li><li>Typically, what does the application process for cyber insurance entail?<\/li><li>Are there any specific standards that clients and prospective clients are expected to adhere to, in order maintain their coverage?<\/li><li>What types of incidents are covered?<\/li><li>What does the insurance cover?<\/li><li>Are there any types of incidents that are specifically excluded from coverage?<\/li><li>How long after a breach occurs or is identified, does the client have to report the breach without jeopardising its coverage?<\/li><li>What is the response time once a breach is reported?<\/li><li>Why or under what circumstances would an insurance provider not provide the agreed coverage to a client?<\/li><\/ol>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong>We would love to hear from you!<\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\">Do leave us a comment either here beneath this article, or on our <a href=\"https:\/\/www.facebook.com\/ICTPulse\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Facebook<\/strong><\/a> or <a href=\"https:\/\/www.linkedin.com\/company\/ict-pulse-consulting-limited\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>LinkedIn<\/strong><\/a> pages, or via Twitter, <a href=\"https:\/\/twitter.com\/ICTPulse\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>@ICTPulse<\/strong><\/a>.<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><em>Also, if you or a member of your network is interested in joining us for an episode, <a href=\"https:\/\/fgd.dfv.mybluehost.me\/.website_c81a1e61\/contact\/\" target=\"_blank\" rel=\"noreferrer noopener\">do get in touch<\/a>. <\/em><\/strong><\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><em>Let\u2019s make it happen!<\/em><\/strong><\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"select-links\">Select links<\/h2>\n\n\n\n<p>Below are links to some of the organisations and resources that either were mentioned during the episode or otherwise, might be useful:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><a href=\"https:\/\/www.linkedin.com\/in\/max-pragnell-1aa04610a\/\" target=\"_blank\" rel=\"noreferrer noopener\">Max Pragnell<\/a><\/li><li><a href=\"https:\/\/www.cgmgallagher.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">CGM Gallagher<\/a><\/li><li><a href=\"https:\/\/www.cgmgallagher.com\/products-services\/featured-services\/51-division-subsidiary\/iibre\" target=\"_blank\" rel=\"noreferrer noopener\">IIBRe (Reinsurance Brokers to the Caribbean)<\/a><\/li><li>IBM report, <em><a href=\"https:\/\/www.ibm.com\/security\/data-breach\" target=\"_blank\" rel=\"noreferrer noopener\">Cost of a Data Breach Report 2021<\/a><\/em><\/li><\/ul>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p><em>Images credit: CGI Gallagher; <a href=\"https:\/\/flickr.com\/photos\/30478819@N08\/\" target=\"_blank\" rel=\"noreferrer noopener\">Marco Verch Professional Photographer<\/a> (flickr); <a href=\"https:\/\/flickr.com\/photos\/pictures-of-money\/\" target=\"_blank\" rel=\"noreferrer noopener\">Pictures of Money<\/a> (flickr); <a href=\"https:\/\/flickr.com\/photos\/111692634@N04\/\" target=\"_blank\" rel=\"noreferrer noopener\">Blue Coat Photos<\/a> (flickr)<\/em><\/p>\n\n\n\n<p><em>Music credit: The Last Word (Oui Ma Che\u0301rie), by Andy Narrell<\/em> <\/p>\n\n\n\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With the upsurge in cyber incidents and breaches, increasingly, organisations are considering whether they need cyber insurance. Max Pragnell, of IIBre, a division of Gallagher Insurance Brokers, discusses the good, the bad and everything in between on cyber insurance including when is cyber insurance a good idea? What kind of coverage is usually offered? What are the typical requirements to secure coverage? Which incidents are covered and which ones are usually excluded from coverage?<\/p>\n","protected":false},"author":2,"featured_media":164403,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","om_disable_all_campaigns":false,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false},"version":2}},"categories":[355],"tags":[71,105,357],"class_list":["post-164402","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcast","tag-businesses","tag-cybercrimecybersecurity","tag-interviews","et-has-post-format-content","et_post_format-et-post-format-standard"],"jetpack_publicize_connections":[],"aioseo_notices":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2022\/06\/Featured-Image-Cyber-Insurance-Max-Pragnell.jpg?fit=1024%2C576&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p2iE1G-GLE","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts\/164402","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/comments?post=164402"}],"version-history":[{"count":5,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts\/164402\/revisions"}],"predecessor-version":[{"id":164425,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts\/164402\/revisions\/164425"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/media\/164403"}],"wp:attachment":[{"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/media?parent=164402"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/categories?post=164402"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/tags?post=164402"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}