What's the Right Type of Cyber Insurance with Brett Balsley?

Smart Tech Spending

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In this episode of Smart Tech Spending, I am joined by Brett Balsley, president of BCA Insurance Group who sheds light on the differences between a standalone cyber insurance policy and a business owner’s insurance policy with a rider of cyber coverage. He explains the benefits of having the right coverage and where businesses can go wrong.
What you’ll learn in this episode:
- What size businesses should have cyber liability and data security insurance?
- Common types of cybercrime affecting businesses
- The impact of ransomware on cyber insurance claims
- A “real-life” example of a claim that was excluded from coverage
- The financial impact of a breach on a small or medium size business
- When should updates to a cyber liability insurance policy be made?
Brett Balsley’s Bio
Brett started his insurance career in 1991 in Atlantic County, NJ, providing homeowners and automobile insurance coverage, then quickly transitioned into providing commercial lines of insurance for clients. Within 10 years, he was providing commercial and personal lines of insurance for clients in the Tri-State Area, nationally and to international clients as well. BCA Insurance works with both national and regional insurance carriers.
Resources
Connect with Nicole Lefsky: https://www.linkedin.com/in/nicolelefsky
Jersey IT Group’s Website: https://www.jerseyitgroup.com
Connect with Brett Balsley: [email protected]
Brett Balsley’s Phone: [phone]
Brett Balsley’s LinkedIn: https://www.linkedin.com/in/brett-balsley-91ba741
BCA Insurance Group’s Website: https://bca-insurance.com/
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1. What's the Right Type of Cyber Insurance with Brett Balsley? (00:00:00)

2. Who needs cyber coverage? (00:01:47)

3. The right kind of coverage (00:03:42)

4. Common types of cyber crimes (00:04:39)

5. The wrong coverage and the financial impact (00:07:10)

6. Types of cyber coverage explained (00:11:35)

7. Coverage differences between a standalone cyber liability policy and a business owner's policy with a rider (00:13:26)

8. It'll never happen to me mindset (00:16:19)

9. Proactively detecting threats (00:17:12)

10. Protecting the golden egg (00:17:58)

11. The numbers game for smart spending (00:19:44)

12. How much cyber liability insurance is enough (00:20:09)

13. Cyber insurance response teams (00:25:25)