Emily Short: Cyber Risk and Cyber Insurance Principles

Emily Perry Short is currently the National Director of Cyber Product at The Baldwin Group regularly consulting on cyber risk management and insurance solutions across a variety of industries with a particular focus on technology, venture capital, and private equity risks. Emily has been in insurance in a variety of forms since 2014, originally as a lawyer focusing on professional liability insurance defense. Her experience as both a defense attorney and a cyber and technology broker gives her a unique perspective when it comes to analyzing cyber risks for clients. In addition to her Juris Doctor, Emily holds the Certified Information Privacy Professional (CIPP/US) designation, Cyber COPE designation from Carnegie Mellon, and the Registered Professional Liability Underwriter (RPLU) designation. In January, after a number of years on the Executive Committee, Emily stepped into the role of Chairwoman for TechAssure, an international association of insurance brokers specializing in technology-related risks. She regularly speaks on panels as a subject matter expert on cyber and technology risks. She is licensed to practice law in Kansas and Missouri.In this episode, Eric and Emily Short discuss:Four basic principles of risk management Working with a broker that can give appropriate coverage The risk of cyberattack incidents Cybersecurity is the responsibility of the whole organizationKey Takeaways:Cyber risk management, like any risk management, involves 4 main concepts - accept the risk, avoid the risk altogether, transfer the risk, and mitigate the risk. Organizations should utilize a combination of these strategies.Cyber insurance policies are not standardized, so it's important to work with a broker who understands the nuances between different carrier policies and can help analyze the appropriate coverage.Cyber incidents can have significant financial and reputational impacts on organizations, so having an incident response plan that is regularly tested is crucial for being able to respond effectively.Cybersecurity is everyone's responsibility within an organization, not just the IT department's. Educating and training employees on cyber risks and best practices is essential for prevention.“Humans are the weak link. Here we are the ones who click on the phishing email. We reuse passwords when we shouldn't.” - Emily ShortConnect with Emily Short:Website: https://baldwin.com/ LinkedIn: https://www.linkedin.com/in/emilyperryshort/ Connect with Eric Dyson: Website: https://90northllc.com/Phone: 940-248-4800Email: [email protected] LinkedIn: https://www.linkedin.com/in/401kguy/ The information and content of this podcast is general in nature and is provided solely for educational and informational purposes. It is believed to be accurate and reliable as of the posting date but may be subject to changeIt is not intended to provide a specific recommendation for any type of product or service discussed in this presentation or to provide any warranties, investment advice, financial advice, tax, plan design or legal advice (unless otherwise specifically indicated). Please consult your own independent advisor as to any investment, tax, or legal statements made.The specific facts and circumstances of all qualified plans can vary and the information contained in this podcast may or may not apply to your individual circumstances or to your plan or client plan-specific circumstances.