"Hi, my name is Simon, and I'm the CEO of AC3, and today, I'm talking about cyber insurance, how to get it, and how to make sure that your premium is as low as it possibly can.
So, the idea around this simple video came about six or seven months ago when we ourselves were trying to renew our cyber insurance and found it incredibly difficult to try and number one, find an underwriter and number two, make sure that our premiums were kept within a reasonable increase.
And today, I'm gonna talk about three tips that we found through the process that might help you on your journey.
So tip number one, is find yourself a broker that is familiar with your industry and the services you're providing, so they can help explain that to the underwriters.
The way that we went about it is we went out to the market, tested a number of different brokers, and found somebody that we thought was suitable to our business, understood the nature of the work that we provided, and the services that we're providing to our customers, so they could properly articulate that to the underwriters.
The second tip is we developed a pitch deck to pitch directly to the underwriters themselves.
What we did there is we walked them through the typical types of customers that we deal with, the customer journeys, the services that we're providing, the process that we use to provide their services, and explain to them in detail around how we actually operate and how the machine turns, so to speak.
And then the third thing that we did, with a lot of detail was explain to them how the Essential Eight process that we've been undertaking for some time now, further strengthens our profile and our posture when we're providing services.
What was particularly interesting, was that the more information that we're able to share, and the more information about specifically the Essential Eight, that we spoke about, the more confidence that the underwriters had with our services, and the products that we were offering, and through that process found that our premiums, didn't go down to what they were last year, but they weren't going to be as high as what they originally quoted to us.
So, my tips for you, if you are looking to obtain cyber insurance, which you should absolutely do, is make sure you've picked a broker that you think is appropriate and knows your business and the services you're providing.
Number two, develop and pitch your services directly to the underwriters.
And number three, make sure that you have an Essential Eight program that's in flight or you're about to undertake, to give them confidence that it's just not lip service that you're providing.
So if you're unsure about the Essential Eight, whether you don't know what it is, or whether you want to benchmark your maturity, or if you're not sure about how efficient your processes are, please reach out.
We've got a number of different packaged services that we can help with, and we can come out and have a chat to you about it to begin with and then look and shape the service that might suit your needs."