In this episode our host Helen Yates, Editor of Global Thought Leadership, continues the conversation with Sam Cheshire on the challenges businesses face when dealing with a cyber breach.
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Sam is Gallagher's Cyber & Technology Practice Group Managing Director and talks us through the importance of the first 48 hours of a cyber breach, including:

  • the importance of having an incident response plan in place
  • the role insurance providers play in a cyber breach
  • key recommendations for business leaders looking to strengthen their cybersecurity

Preview

Helen Yates: Welcome to the Navigating Risk Podcast, where we take a deep dive into the trend shaping the global risk landscape. In this episode, I talk to Sam Cheshire, Head of Cyber for Gallagher UK. Sam uses his deep knowledge of cyber risks to provide clients with specialist support and help them find the right insurance programmes. He is also on hand to help them in those critical first 48 hours post ransomware attack.

This episode is Part 2 in our series on the hidden challenges of a cyber breach, and I began by asking Sam to talk me through what happens during that period following a breach where the incident response plan is activated.

Sam Cheshire: A key comparison that I like to make with our clients is I'll ask them the question ‘what are you going to do if you have a fire?’, and they'll often list 100 different things; we've got a fire extinguisher in the corner of the room, we've got a sprinkler system installed in the building, we will call the fire brigade. It's a very interesting point and I'll always stop them when they mention they'll call the fire brigade, because if you suffer a cyber incident, what are you going to do? A lot of the time, our clients will say, well, we'll call the IT team.

But who's their fire brigade? Who's going to come and put the fire out for them? I think that's the real key benefit of cyber insurance – you do have 999 for a cyber incident. It is your cyber insurer, and they will bring an incident response team on site to effectively put that fire out for you. This is the bit of cyber insurance that's often overlooked. People look at the financial benefits and the protections on the balance sheet, but that immediate incident response, who are you going to call? What are they going to do? That is the true benefit of cyber insurance.

Find out more by listening to the full Navigating Risk Podcast episode now. Keep an eye out for the next Navigating Risk discussion.

Disclaimer

Gallagher is a risk management, insurance and HR/benefits consultancy and will be sharing their views in that capacity. This podcast is not intended to give legal or financial advice, and, accordingly, should not be relied upon for such. This should not be regarded as a comprehensive statement of the law and/or market practice in this area. In preparing this podcast we have relied on information sourced from third parties and we make no claims as to the completeness or accuracy of the information contained herein. You should not act upon information nor determine not to act, without first seeking specific specialist advice. Our advice to our clients is as an insurance broker and is provided subject to specific terms and conditions, the terms of which take precedence over any representations in this podcast. No third party to whom this is passed can rely on it. We and our officers, employees or agents shall not be responsible for any loss whatsoever arising from the recipient’s reliance upon any information we provide herein and exclude liability for the content to fullest extent permitted by law. Should you require advice about your specific arrangements or circumstances, please get in touch with Gallagher.

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