{"id":168635,"date":"2023-07-05T05:30:00","date_gmt":"2023-07-05T10:30:00","guid":{"rendered":"https:\/\/www.ict-pulse.com\/?p=168635"},"modified":"2023-07-05T05:27:50","modified_gmt":"2023-07-05T10:27:50","slug":"ictp-259-2023-cyber-insurance-update-with-max-pragnell-of-gallagher-insurance-brokers","status":"publish","type":"post","link":"https:\/\/ict-pulse.com\/2023\/07\/ictp-259-2023-cyber-insurance-update-with-max-pragnell-of-gallagher-insurance-brokers\/","title":{"rendered":"ICTP 259: 2023 cyber insurance update, with Max Pragnell of Gallagher Insurance Brokers"},"content":{"rendered":"\n<p><em>Cyber insurance is no longer as alien as it had been just a few years ago, but the threat landscape is incredibly dynamic thus causing the cyber insurance industry to continually adjust and redefine its posture. Although we spoke with Max Pragnell, of Gallagher Insurance Brokers, just about a year ago, a lot has changed. In this conversation, he discusses, among other things: key changes that have occurred in the cybersecurity and cyber insurance space;&nbsp; how cascading failures (across organisations, subsidiaries or business units, for example) from a single attack are being handled; and \u201cdata breach insurance\u201d and what cyber insurance coverage may be available.<\/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\/1556417473&#038;color=%23ff5500&#038;auto_play=false&#038;hide_related=false&#038;show_comments=true&#038;show_user=true&#038;show_reposts=false&#038;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-259-2023-cyber-insurance\" title=\"ICTP 259: 2023 cyber insurance update, with Max Pragnell of Gallagher Insurance Brokers\" target=\"_blank\" style=\"color: #cccccc; text-decoration: none;\" rel=\"noopener\">ICTP 259: 2023 cyber insurance update, 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>, <a href=\"https:\/\/itunes.apple.com\/us\/podcast\/ict-pulse-podcast\/id1373550291\" target=\"_blank\" rel=\"noreferrer noopener\">Apple Podcasts<\/a>, <a href=\"https:\/\/podcasts.google.com\/feed\/aHR0cHM6Ly9pY3QtcHVsc2UtcG9kY2FzdC5saWJzeW4uY29tL3Jzcw\" target=\"_blank\" rel=\"noreferrer noopener\">Google Podcasts<\/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 <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>Without a doubt, cyber incidents have become increasingly prevalent across the Caribbean region. Moreover, they have become sufficiently severe that organisations are owning up when they do occur \u2013 though often and to some degree a bit too overconfidently, they seem to stress that the breach was minimal, very little data was compromised and the matter is under control. However, as downtime, liability and reputation damage costs become issues organisations must address, and take responsibility for, cyber insurance is becoming an attractive option.<\/p>\n\n\n\n<p>Having said this, the growing awareness and receptiveness of organisations to cyber insurance do not necessarily mean that they satisfy the requirements to successfully purchase that coverage. The requirements are continuing to evolve, as security frameworks and imperatives continue to develop, thanks to threat actors who are also executing more sophisticated, sustained, and covert attacks.<\/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=\"168643\" data-permalink=\"https:\/\/ict-pulse.com\/2023\/07\/ictp-259-2023-cyber-insurance-update-with-max-pragnell-of-gallagher-insurance-brokers\/max-pragnell-2023-cropped-iibre\/\" data-orig-file=\"https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2023\/07\/Max-Pragnell-2023-cropped-IIBRE.jpg?fit=723%2C795&amp;ssl=1\" data-orig-size=\"723,795\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1659443934&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Max Pragnell 2023-cropped (IIBRE)\" 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\/2023\/07\/Max-Pragnell-2023-cropped-IIBRE.jpg?fit=273%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2023\/07\/Max-Pragnell-2023-cropped-IIBRE.jpg?fit=723%2C795&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/fgd.dfv.mybluehost.me\/.website_c81a1e61\/wp-content\/uploads\/2023\/07\/Max-Pragnell-2023-cropped-IIBRE.jpg?resize=330%2C362&#038;ssl=1\" alt=\"\" class=\"wp-image-168643\" width=\"330\" height=\"362\" srcset=\"https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2023\/07\/Max-Pragnell-2023-cropped-IIBRE.jpg?w=723&amp;ssl=1 723w, https:\/\/i0.wp.com\/ict-pulse.com\/wp-content\/uploads\/2023\/07\/Max-Pragnell-2023-cropped-IIBRE.jpg?resize=273%2C300&amp;ssl=1 273w\" sizes=\"auto, (max-width: 330px) 100vw, 330px\" \/><figcaption class=\"wp-element-caption\">Max Pragnell<\/figcaption><\/figure>\n\n\n\n<p><a href=\"https:\/\/www.linkedin.com\/in\/max-pragnell-1aa04610a\/\"><strong>Max Pragnell<\/strong><\/a> 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 continues to predict that the cyber insurance market will grow significantly over the next few years, and will become as common as property insurance by 2030. He thus 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 their 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>Essentially, this conversation with Max continues where we left off in June 2022. But a year later, we are able to discuss how the cyber insurance industry has evolved and the current state of the threat landscape, whilst also considering the posture of Caribbean organisations over the past 12 months.<\/p>\n\n\n\n<p>Of particular note is that the industry is changing, and insurers are becoming more knowledgeable about the types and sophistication of the risks and threats that can be experienced. As a result, insurers have been tightening up on the coverage that they offer, and increasingly expect organisations to have implemented robust security regimes that should not only make it more difficult for them to be compromised, but also have them better prepared should an incident occur.<\/p>\n\n\n\n<p>Below are key questions that were posed to Max during our conversation.<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\">\n<li>Have there been any significant or interesting changes of note in the cybersecurity or cyber insurance space?<\/li>\n\n\n\n<li>Have more Caribbean companies been purchasing cyber insurance? Or have you seen an uptick in particular industries?<\/li>\n\n\n\n<li>Has the cost of cyber insurance changed?<\/li>\n\n\n\n<li>Has the general cyber security \u201chygiene\u201d of companies improved? What are the biggest hurdles to becoming insured today?<\/li>\n\n\n\n<li>Have there been any changes to the product? Are insurance companies covering more or less?<\/li>\n\n\n\n<li>Noting the variable scale of cyberattacks and the possibility of cascading failures from a single attack, can regional businesses or organisations purchase cyber insurance covering their entire operations across the Caribbean region, for example, or would each subsidiary have to purchase its own cyber insurance policy?<\/li>\n\n\n\n<li>As data protection regimes become more established in the region, there may be a need for \u201cdata breach insurance\u201d, noting the hefty fines that could be incurred if there is a breach. Is that considered separate from cyber insurance? Is there any overlap?<\/li>\n\n\n\n<li>What types of attacks have been affecting the insurers? In other words, what have insured companies been claiming for on their policies?<\/li>\n\n\n\n<li>Are you aware of any court cases between policyholders and insurers in the Caribbean region?<\/li>\n<\/ol>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p class=\"has-text-align-center\"><strong><em>Do leave us a comment either here beneath this article, or on our&nbsp;<a href=\"https:\/\/www.facebook.com\/ICTPulse\/\" target=\"_blank\" rel=\"noreferrer noopener\">Facebook<\/a>&nbsp;or&nbsp;<a href=\"https:\/\/www.linkedin.com\/company\/ict-pulse-consulting-limited\/\" target=\"_blank\" rel=\"noreferrer noopener\">LinkedIn<\/a>&nbsp;pages, or via Twitter,&nbsp;<a href=\"https:\/\/twitter.com\/ICTPulse\" target=\"_blank\" rel=\"noreferrer noopener\">@ICTPulse<\/a>.<\/em><\/strong><\/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,&nbsp;<\/em><\/strong><a href=\"https:\/\/fgd.dfv.mybluehost.me\/.website_c81a1e61\/contact\/\" target=\"_blank\" rel=\"noreferrer noopener\"><strong><em>do get in touch<\/em><\/strong><\/a><strong><em>.<\/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\">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\">\n<li><a href=\"https:\/\/www.linkedin.com\/in\/max-pragnell-1aa04610a\/\" target=\"_blank\" rel=\"noopener\" title=\"\">Max Pragnell<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cgmgallagher.com\/\" target=\"_blank\" rel=\"noopener\" title=\"\">CGM Gallagher<\/a><\/li>\n\n\n\n<li><a href=\"https:\/\/www.cgmgallagher.com\/products-services\/featured-services\/51-division-subsidiary\/iibre\" target=\"_blank\" rel=\"noopener\" title=\"\">IIBRe (Reinsurance Brokers to the Caribbean)<\/a><\/li>\n\n\n\n<li>ICT Pulse Podcast interview, <a href=\"https:\/\/fgd.dfv.mybluehost.me\/.website_c81a1e61\/2022\/06\/ictp-210-cyber-insurance-the-good-the-bad-the-risk-and-everything-in-between-with-max-pragnell-of-gallagher-insurance-brokers\/\" target=\"_blank\" rel=\"noopener\" title=\"\"><em>ICTP 210: Cyber insurance, the good, the bad, the risk and everything in between, with Max Pragnell of Gallagher Insurance Brokers<\/em><\/a><\/li>\n\n\n\n<li>ICT Pulse Podcast interview,&nbsp; <a href=\"https:\/\/fgd.dfv.mybluehost.me\/.website_c81a1e61\/2023\/05\/ictp-250-2023-expert-insight-update-on-cyber-threats-and-security-in-the-caribbean-with-edward-millington-of-carisec-global\/\" target=\"_blank\" rel=\"noopener\" title=\"\"><em>ICTP 250: 2023 Expert Insight update on cyber threats and security in the Caribbean, with Edward Millington of CariSec Global<\/em><\/a>&nbsp;<\/li>\n\n\n\n<li>ICT Pulse Podcast interview,&nbsp; <a href=\"https:\/\/bit.ly\/3mTIqC3\" target=\"_blank\" rel=\"noopener\" title=\"\"><em>ICTP 243: 2023 Expert Insight update on cyber threats and security in the Caribbean, with Sean Slattery of Caribbean Solutions Lab<\/em><\/a>&nbsp;<\/li>\n\n\n\n<li>ICT Pulse Podcast interview, <a href=\"https:\/\/fgd.dfv.mybluehost.me\/.website_c81a1e61\/2022\/12\/ictp-233-2022-expert-insight-update-on-cyber-threats-and-security-in-the-caribbean-with-obika-gellineau-of-kpmg-trinidad-and-tobago\/\" target=\"_blank\" rel=\"noopener\" title=\"\"><em>ICTP 233: 2022 Expert Insight update on cyber threats and security&nbsp; in the Caribbean, with Obika Gellineau of KPMG Trinidad and Tobago<\/em><\/a>&nbsp;<\/li>\n<\/ul>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p>&nbsp;<\/p>\n\n\n\n<p><em>Images credit:  IIBRe;  rawpixel (<a href=\"http:\/\/freepik.com\" target=\"_blank\" rel=\"noopener\" title=\"Roundup: for the week ending 2 July 2023\">freepik<\/a>);  <a href=\"http:\/\/freepik.com\" target=\"_blank\" rel=\"noopener\" title=\"Roundup: for the week ending 2 July 2023\">freepik<\/a>;  rawpixel (<a href=\"http:\/\/freepik.com\" target=\"_blank\" rel=\"noopener\" title=\"Roundup: for the week ending 2 July 2023\">freepik<\/a>)<\/em><\/p>\n\n\n\n<p><em>Music credit: The Last Word (Oui Ma Ch\u00e9rie), by Andy Narrell<\/em><\/p>\n\n\n\n<p><em>Podcast editing support:&nbsp; Mayra Bonilla Lopez<\/em><\/p>\n\n\n\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Cyber insurance is no longer as alien as it had been just a few years ago, but the threat landscape is incredibly dynamic thus causing the cyber insurance industry to continually adjust and redefine its posture. Although we spoke with Max Pragnell, of Gallagher Insurance Brokers, just about a year ago, a lot has changed. In this conversation, he discusses, among other things: key changes that have occurred in the cybersecurity and cyber insurance space;  how cascading failures (across organisations, subsidiaries or business units, for example) from a single attack are being handled; and \u201cdata breach insurance\u201d and what cyber insurance coverage may be available.<\/p>\n","protected":false},"author":2,"featured_media":168636,"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":[105,357,15],"class_list":["post-168635","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-podcast","tag-cybercrimecybersecurity","tag-interviews","tag-trends","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\/2023\/07\/Featured-Image-%E2%80%93-Cyber-Insurance-Update.jpg?fit=1024%2C576&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p2iE1G-HRV","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts\/168635","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=168635"}],"version-history":[{"count":4,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts\/168635\/revisions"}],"predecessor-version":[{"id":168651,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/posts\/168635\/revisions\/168651"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/media\/168636"}],"wp:attachment":[{"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/media?parent=168635"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/categories?post=168635"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ict-pulse.com\/wp-json\/wp\/v2\/tags?post=168635"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}