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Steven Schwartz shared thisPowerful conversation today at SASIG Events “Cybersecurity Innovation in Insurance” event at Lloyd's. Brandon Pinzon moderated a phenomenal panel with Joe Sullivan, David Hirsch, and Anderson Lunsford that cut straight to a question reshaping cybersecurity leadership: when does a breach stop being a corporate problem and become a personal one? Joe Sullivan lived it — federal criminal charges as Uber’s CSO. David Hirsch shaped the enforcement playbook as former Chief of the SEC’s Crypto Assets and Cyber Unit. Anderson Lunsford is building the operational answer at BreachRx, where systematic incident response creates the evidentiary trail that protects executives when regulators come knocking years later. BreachRX is now backing that platform with embedded financial protection up to $3M — legal defense costs, investigation support, and post-exoneration coverage for executives who follow the process. If you use the platform and do the right things, you’re covered…Not to mention the loss and IR costs saving D&O and cyber insurers. The era of “don’t write anything down” is over. Documentation and process are the new defense — operationally and legally. Huge thank you to William Rigby Matt Wood for developing and hosting along with the entire SASIG family. Martin Smith MBE FSyI as always, you’ve left me lost for words (literally this time) #Cybersecurity #CISOLeadership #CyberInsurance #PersonalLiability #IncidentResponse #BreachRx #SASIG #EmbeddedInsurance #Insurtech Insurtech Insights
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Steven Schwartz reposted thisSteven Schwartz reposted thisThe CISO role has changed. Has your survival strategy? SASIG Events, teamed up with William Rigby, Steven Schwartz, and myself to put together a fantastic lineup intersecting the Cyber Insurance and Practitioner ecosystem, in the Lloyds Library this week. The era of the CISO being "just" a technical leader is over. Today, a breach isn't just a corporate crisis—it’s a personal, legal, and career-defining crossroads. I’m thrilled to be moderating an urgent conversation on Personal Resilience for the CISO, featuring a panel that sits at the absolute intersection of lived experience, legal precedent, and future-proof governance. We’re moving past the "fear factor" to give CISOs and risk carriers a literal blueprint for survival. On the heels of the new BreachRx CIRM Warranty. The Lineup: Joe Sullivan: Former CSO at Uber. Joe has navigated the very center of the global shift in CISO accountability. He’ll be sharing the "human element" of high-profile enforcement and what personal support you actually need when the unthinkable happens. David Hirsch: Partner at McGuireWoods. David is the legal architect who understands exactly where the regulatory line sits between a "bad outcome" and "personal liability." Anderson Lunsford: CEO of BreachRx. Andy is pioneering the tools that automate the evidence trail, ensuring that a CISO’s "real-time truth" actually holds up in a deposition years later. What we’re tackling: ✅ The Documentation Gap: Why "writing less down" is a dangerous relic of the past. ✅ The "Monday Morning Quarterback" Effect: How to protect decisions made in the heat of a crisis from being judged by a court five years later. ✅ Personal Skin in the Game: How to vet your next job offer to ensure the company truly has your back. This isn't just a panel; it’s a masterclass in defensible leadership. Whether you are a practitioner protecting your career or an underwriter pricing risk, you cannot afford to miss this. https://lnkd.in/gyJeBpMp #CyberSecurity #CISO #RiskManagement #Governance #PersonalLiability #InfoSec #DandO SASIG Events Martin Smith MBE FSyI Steven Schwartz David Neuman Matt Wood Manju Mude Patricia Titus
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Steven Schwartz shared thisTwo announcements in one week — BreachRx and CYGNVS both addressing CISO personal liability. That's not a coincidence. The market has accepted what those of us building embedded risk products have been saying: the D&O/cyber gap for security leaders is real, and traditional programs aren't closing it fast enough! That said, structure matters! CYGNVS is bundling a traditional Side A D&O policy — brokered by Marsh, underwritten by AIG — as a benefit for Premium and Elite subscribers. A smart distribution play, but it's still a separately underwritten insurance policy riding alongside the platform. BreachRx took a different approach with their new Cyber Incident Response Management Warranty, offering up to $3M in liability protection embedded directly into the BreachRx Cyber Incident Response Management Platform and subscription. No separate policy. No additional premium. No retention. Use the platform to manage the incident — generate the audit trail, track disclosure deadlines, coordinate cross-functional response — and the financial backstop activates from the first dollar. One approach distributes insurance through a platform. The other leverages the platform for underwriting and continues to scale as the platform gets more adoption. That distinction is the whole ballgame for where embedded cyber coverage is heading — Coverage earned through demonstrable operational discipline, not purchased through a paper questionnaire or bundled as an add-on. The fact that two products protecting CISO and Executive Liability have launched days apart tells you exactly where this market is going, and that this particular problem is very real... I'll be in London this week hosting the Cybersecurity Innovation in Insurance along with SASIG Events and Lloyd's, and RSAC the following week — if you're working on embedded risk products and structures, parametric risk products for cyber and AI-related perils, or more broadly working across these ecosystems, please reach out. Happy to make time. #EmbeddedInsurance #IncidentResponse #InsurTech #Warranty #CISOLiability #BreachRx #RSA Anderson Lunsford Brandon Pinzon https://lnkd.in/eW5sfr-WBreachRx Launches Industry’s First Cyber Incident Response Management WarrantyBreachRx Launches Industry’s First Cyber Incident Response Management Warranty
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Steven Schwartz reposted thisSteven Schwartz reposted thisSecurity teams are drowning in thousands of “critical” vulnerabilities, but only a tiny fraction ever lead to real breaches. Today we’re opening the Enterprise Preview of Evidence Scan, a new vulnerability scanner designed to surface the small set of exposures that actually lead to real-world financial loss. 🔥 Instead of endless backlogs, Evidence Scan highlights FIREs (Financial Risk Exposures): vulnerabilities that are publicly exploitable and historically tied to breach events. With Evidence Scan, teams can focus on what actually reduces risk. Read the press release: https://lnkd.in/gdUK9TqU
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Steven Schwartz shared thisBig news from two companies I have a lot of respect for — congratulations to the teams at Spektrum Labs and Sophos on the launch of the Insurability Fastrack Program! This announcement looks like a product launch - It's actually a distribution model shift. Security vendors are becoming the risk transfer channel. When a customer deploys Sophos MDR, they're not just buying detection and response — they're buying a path to verifiable insurability. The MDR telemetry is the underwriting data. The security stack is the distribution layer. Embedded coverage changes the risk conversation entirely. Traditional cyber insurance asks "how secure do you think you are?" Embedded layers tied to an active MDR program ask "here's what we can verify, in real time." That closes the attested risk vs. actual risk gap that has plagued cyber underwriting for years, with layered alternative risk transfer offsetting risk and losses otherwise covered by the cyber insurance market... This is where the market is going — risk transfer products embedded at the point of security delivery, built by teams who understand both the stack and the risk mechanics. It's been a pleasure working with and advising the Spektrum Labs team. What Max Perkins, Rob Driscoll, J.J. Thompson and the team are building is exactly the infrastructure this market needs — and this Sophos partnership proves the security industry agrees! 🔗 https://lnkd.in/eifqpFQg #cyberinsurance #embeddedinsurance #embedded #warranty #insurtech #MDR #CyberWarranty #CyberRiskSophos and Spektrum Labs Partner to Launch Insurability Fastrack Program with Sophos MDR | Spektrum LabsSophos and Spektrum Labs Partner to Launch Insurability Fastrack Program with Sophos MDR | Spektrum Labs
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Steven Schwartz shared thisAs I’m heads down building new insurance and alternative risk solutions across the cyber and AI risk ecosystem, I am thrilled to see the industry and partners nominate Safe Security as highly commended in not one, but two major categories at the Cyber Insurance Awards Europe 2026, presented by Intelligent Insurer! Having been a part of the journey to build this product and its presence in the market, I'm incredibly proud to watch the continued success. Stay tuned and let’s meet at RSAC to learn more about what’s coming…an industry-first, embedded, #parametric risk program for #TPRM Thank you to SAFE and our partners for the continued recognition and leadership Saket Modi Nicola (Nick) Sanna Saket Bajoria Andreas Schmitt Jay Vinda Mikko Peltonen Adam Gladsden Brandon Pinzon Mark Groenheide George Cole Matthew Thomson Tom Dryden The Highly Commended Awards for Cyber Insurance Technology Provider of the Year and Cyber Partnership of the Year are a powerful testament to impact Safe has made in enhancing risk selection and underwriting efficiency. In the words of the judges…. • Cyber Insurance Technology Provider of the Year: This recognition highlights SAFE's continued effort to perfect its offering, translating its services into tangible client benefits, including premium reductions. The model is clearly effective, as noted by the phenomenal growth. • Cyber Partnership of the Year: the Howden SAFE+ program in partnership with Chubb Mosaic Insurance Liberty Specialty Markets is creating an important template for the future. By streamlining the underwriting process and leveraging SAFE’s cyber security posture insights, they are improving efficiency and ensuring broader coverages for mid-market firms. This is huge validation for the team's vision and hard work. Congratulations to everyone at SAFE! Check out the full list of recognized firms here: https://lnkd.in/e_M9Phe3 #CyberInsuranceAwardsEU #CyberInsurance #InsuranceExcellence #CyberAwards
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Steven Schwartz reposted thisSteven Schwartz reposted thisEarlier today, DTC-backed Halcyon announced that its Ransomware Resilience technology would now be available for PCs through Dell Technologies' Dell Trusted Workspace. Collaborations with leading enterprises can be crucial to an early-stage company's success. But they don't happen overnight or without the serious commitment to the process from the startup team. Chris Hillock, DTC's head of Portfolio Development, articulates what it takes to go from idea to market with a Fortune 500. Chris, Chris Falloon and Julia Beech, work tirelessly to help foster these types of partnerships and collaborations between DTC's amazing portfolio companies and the enterprise. If you're an early-stage enterprise tech team that could benefit from investors with strong GTM and partnership experience, we want to hear from you. DMs open. https://lnkd.in/gpSzqmV3DTC | From Vision to Value: The Halcyon and Dell Ransomware Resilience LaunchDTC | From Vision to Value: The Halcyon and Dell Ransomware Resilience Launch
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Steven Schwartz shared thisToday I have the pleasure of joining Dan Candee, Paul Guthrie, and Brad Gross in a webinar hosted by Cork. We’ll be diving into the future of cyber risk capital and management as the traditional cyber insurance model starts to hit real constraints. Insurers shouldn’t be the arbitrators of service and solution provider efficacy. Especially in a soft cyber market, carriers are fatigued by constant debates over premium credits and control validation, and this approach simply isn’t scalable. Along with my fellow panelists, I’ll be digging into why cyber risk capital needs to move closer to operations. We need more innovative and alternative risk capital embedded with service and solution providers, acting as the first layer of response when incidents occur, not after. We’re still in the first inning of what I believe will reshape how risk capital supports cyber and AI-related risks! No slides. No sales pitch. Just a high-signal conversation about proof, accountability, and how cyber risk actually gets financed going forward. If you’re an MSP, insurer, broker, or security leader, this one should resonate. Register here: https://lnkd.in/e3F88Sdh Thanks to Cork and my co-panelists for pulling together a timely and important conversation. #CyberInsurance #CyberWarranty #Warranty #Parametric #CyberParametric #InsurTech #EmbeddedInsuranceStop Assuming. Start Proving. | The New Standard for Cyber RiskStop Assuming. Start Proving. | The New Standard for Cyber Risk
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Steven Schwartz reposted thisSteven Schwartz reposted thisInsurance coverage and warranty policies (two very different things!) are among the most misunderstood issues facing MSPs. So let's clear it up. Join my colleagues and me tomorrow at noon EST for an insightful discussion on how to effectively leverage warranty solutions to safeguard your MSP from potentially devastating liabilities. Dan Candee, Paul Guthrie, Steven Schwartz and I will cover: ✳️ Why cyber risk assumptions collapse under pressure. 🔥 Where compliance, tools, and risk scores fail. 👉 What insurers, operators, and executives actually trust. 🫸 What MSPs should stop claiming immediately. Register here: https://lnkd.in/gNT4ZBQm See you tomorrow! #MSPEducation #CorkStop Assuming. Start Proving. | The New Standard for Cyber RiskStop Assuming. Start Proving. | The New Standard for Cyber Risk
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Steven Schwartz liked thisSteven Schwartz liked thisWhich asset class has the best pooled returns by year: 2013: Multi-Stage VC 2014: Late-Stage VC 2015: Growth Equity 2016: Growth Equity 2017: US SMID (small/mid cap growth) 2018: EU Buyout 2019: Late-Stage VC 2020: Natural Resources 2021: ROW Buyout 2022: Late-Stage VC (data from Hamilton Lane's recent market update report) Obviously some of the more recent years have much maturing to do before this is concretized. But beyond that, it is difficult to predict which part of private markets will yield the best returns in any given vintage. Perhaps this is a case study for steady and consistent allocations.
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Steven Schwartz liked thisThe cyber risk landscape in the Middle East is shifting fast. Read the white paper I co-authored with the legendary Howden MEA cyber team, exploring how regional instability is amplifying cyber threats, what that means for businesses and risk leaders active in the region, and what Howden TAC can do for you. Tom Cook Yash Magnani Gerard FarahSteven Schwartz liked thisAs tensions persist across the Middle East, cyber risk is no longer a distant threat—it’s an immediate business reality. From state-led cyber warfare to opportunistic hacktivism, organisations today face a rapidly evolving and increasingly complex threat landscape. Our latest whitepaper explores what this means for your business, and the practical steps you can take to strengthen resilience. Read on - https://ow.ly/XSnz50YAu1z Speak to our cyber experts in the region – Tom Cook, Mikko Peltonen, Yash Magnani, Gerard Farah #Howden #Insurance #CyberRisks #HowdenCyber #MiddleEast
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Steven Schwartz liked thisSteven Schwartz liked thisHere's What Happens to Organizations That Have No Incident Response Plan When the breach hits: They call their broker in a panic. The broker connects them to the carrier's claim line. The carrier assigns a breach coach, a law firm, who begins the clock. At $450 to $700 per hour. Or higher. Meanwhile, in the background, that same carrier offered that same organization access to a pre-vetted IR firm, a breach coach on retainer, and tabletop exercise support before the incident as part of their policy. For free. Or nearly free. The client just didn't know. And that's where the exposure shifts. Because when that client realizes these resources existed all along, trust erodes. Not with the carrier, but with the broker who never surfaced them. This isn't a criticism. It's a structural reality. Brokers manage massive books of business across dozens of carrier panels. No one expects them to master every portal, every embedded service, every pre-incident resource across every policy. But clients expect someone to. The brokerages that differentiate themselves are the ones who ensure their clients: -Conduct in-depth tabletop exercises using carrier-sponsored IR facilitation before an event occurs -Have IR contacts pre-loaded, pre-scoped, pre-authorized, and provided to approved breach counsel -Leverage dark web monitoring tools embedded in carrier portals to catch credential exposure early All of it available through existing policies. All of it chronically underused. The gap isn't in what carriers offer. It's in operationalizing those offerings at scale across a broker's entire client portfolio. That's what I do. With 30+ years in cybersecurity, data protection, and cyber insurance, backed by 20+ international certifications and 15+ published books, I help brokerages unlock the full value of their carrier partnerships. I bridge the stewardship gap so your clients are prepared before the breach, not blindsided after it. The result: fewer panic calls, better claim outcomes, stronger client retention, and a differentiated practice that competitors can't replicate. 📩 If you want a no-obligation conversation about how to activate what's already inside your clients' policies, DM me.
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Steven Schwartz liked thisSteven Schwartz liked thisWhat a great start to InsurTech NY spring conference Always one of my favourite weeks in the calendar and it didnt disappoint Thank you to Tony Lew and David Gritz for having me back - always a fun And a little pinch me moment hosting a party for 130 Insurtech friends with Loro , Turris, Scout InsurTech with my FinPro. hat on Thank you to everyone who attended - not so thankful to the bar bill - but what a room with a view!
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Steven Schwartz liked thisSteven Schwartz liked thisA fair question is whether Spektrum is essential, or just nice to have. I think that depends on where cyber goes next. If this market is satisfied with better dashboards, better trust centers, better questionnaires, and better ways to package point-in-time evidence, then no, Spektrum is not essential. But if cyber is moving toward continuous verification, defensible history, and proof that can be trusted by boards, insurers, auditors, customers, and increasingly by automated systems, then this layer becomes necessary. That is the shift we see. Cyber has a Red Queen problem. Attackers adapt. Defenders adapt. Vendors adapt. Insurers adapt. But seldom fast enough. What looked strong yesterday becomes table stakes tomorrow. Or in hours with AI. In that kind of market, it is not enough to describe your security well. You have to be able to prove, continuously, that safeguards were in place, working as intended, and still trustworthy when it matters. That is where a lot of the industry still falls short. We have gotten better at organizing trust. We have not gotten far enough at proving it. Connectors help. Trust centers help. Dashboards help. But they do not solve the harder problem of producing trust that is portable, current, and defensible under pressure. That is the role Spektrum is taking on. Not another reporting layer. Not a nicer wrapper for static evidence. A proof layer for cyber resilience. A layer that turns fragmented security data into continuously validated, machine-verifiable proof. A layer that preserves historical truth. A layer that makes evidence reusable across operations, governance, insurance, audits, and third-party trust. We have been building toward this for years. Our patents reflect that commitment. Because cyber does not need more ways to present trust. It needs better ways to prove it.
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Steven Schwartz liked thisSteven Schwartz liked thisThere’s a reason why we are winning at Algorithmic Insurance Services, Inc dba LIRG™ . It’s not because we are the biggest. It’s because we are built for the world that actually exists today. Clients and brokers want process. They need structure, discipline, and consistency. But what they don’t want are archaic processes that slow everything down, create friction, and kill deals. That’s the gap. And that’s where we win. At LIRG, our brokers are unburdened. No unnecessary layers. No internal politics. No waiting on committees disconnected from the transaction. We empower people to execute. We also adopt technology faster. We are not tied to legacy systems or outdated workflows. We build, integrate, and move in real time. That means better data, faster decisions, and cleaner outcomes for our partners. While others are busy justifying a name change your premiums paid for, we are investing in our clients, our partners, and the solutions that actually move the market forward. Speed matters. Clarity matters. Execution matters. A focused, disciplined organization with the right technology will outperform a large, slow institution every time. This is the new world. And we are built for it.
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Steven Schwartz liked thisSteven Schwartz liked thisWhich do you think will pay you faster when your business is attacked?
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Steven Schwartz liked thisTalk about a rocket ship 🚀🚀🚀Steven Schwartz liked thisCybercrime has been a growth industry for decades. The defenders have been outgunned. Outspent. Outnumbered. Today we change the math. I'm proud to announce that TENEX.AI has raised $250 million in Series B funding, led by Crosspoint Capital Partners. But I need to be direct about something: the money isn't the story. When we founded TENEX, I made a bet that was simple in concept and brutal in execution — that if you built an AI-native security operations center from the ground up, led by operators who'd lived the problem, you could fundamentally change the economics of cyber defense. Not incrementally. Structurally. Exactly one year after closing our first customer, here's what that bet has produced: - #1 fastest-growing cybersecurity company in the country (2026 Cyber 150, IT-Harvest) - $25M in total contract value in our first year — from zero - Fortune 500 enterprises and leading digital natives trusting us with their security operations - 45-second mean time to respond — while the industry measures in hours - 100% of alerts analyzed — while the average SOC reviews roughly 10% Today I'm also announcing that Bashar Abouseido — former CISO of Charles Schwab, one of the most respected security leaders in the world — is joining TENEX as President. Bashar is someone I deeply respect and admire - someone who spent two decades protecting one of the largest financial institutions on the planet and building one of the best security operation centers anywhere. After I heard of his retirement from service at Schwab, I was fortunate enough to pull him out of retirement - to rejoin the fight to “give good the advantage” from the other side of the table. This funding goes into one thing: people. 250+ hires this year. Engineers, SOC analysts, threat hunters, customer success. Because AI doesn't replace the best people in security — it makes each of them 10x more effective. That's the math that finally works for the defenders. Everyone else is bolting AI onto the same platforms that have been failing enterprises for years. We started over. Not bolted on. Not borrowed. Native. This is the first time in history that defenders can actually take ground from the enemy. AI gives us the leverage. This funding gives us the fuel. The team we're building gives us the force. We're just getting started. TENEX.AI. The AI SOC Company. AI-native, human-led. https://lnkd.in/gbdAUGJzGoogle Partner Tenex Raises $250 Million for AI Security ServicesGoogle Partner Tenex Raises $250 Million for AI Security Services
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Steven Schwartz liked thisSteven Schwartz liked thisThis might be a little weird to some people. But before I go live, record a video, jump on a sales call, or step into any moment where I need to bring real energy... sometimes I’m in my office doing air drums to Metallica like an absolute maniac. Why? Because I think about performance the same way athletes do. You do not wait until the moment starts and hope you feel ready. You get yourself ready. Most people focus on the words. The slide deck. The agenda. The script. That stuff matters. But not as much as your energy. Not as much as your presence. Not as much as whether you walked into that moment fully there. Athletes have pre-game routines for a reason. They do not wait to feel ready. They get ready. They know performance starts before the whistle, before the snap, before the lights come on. That is how I think about big meetings, webinars, workshops, sales calls, live events, and content. Before I ask other people to feel something, trust something, or believe something from me... I need to show up fully switched on first. Sometimes that looks like prayer. Sometimes it looks like silence. Sometimes it looks like a walk. And sometimes it looks like 10 seconds of air drums before I hit record. Call it weird. I call it preparation. Find the thing that gets your mind right before the moment that matters. Because a lot of people aren't underprepared on skill or talent. They are underprepared in mindset. What is your version of this before you perform? ___ Inspired by “Enter Sandman” by Metallica.
Experience & Education
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Stealth Startup
View Steven’s full experience
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Licenses & Certifications
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cyRM
ARM
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Life and Health Insurance License
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Property and Casualty Insurance License
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Volunteer Experience
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President of Siena Chapter
Enactus United States
- Present 17 years 3 months
Economic Empowerment
I played a crucial role in growing Enactus to the largest business club on campus and landed in 3rd place with 3 of my other teammates at the national competition
Publications
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The State and Future State of Cyber Insurance
Object Management Group
See publicationCloud Computing often raises or complicates the question of how customers can recover the direct costs and indirect losses resulting from an outage or a data breach. The objective of this Discussion Paper is to explain the role Cyber Insurance contracts play in mitigating those consequences, and the challenges of assessing the risk and the damage – especially to intangible assets.
Cyber Insurance is evolving in response to user demands. In particular, a new form of contract – parametric…Cloud Computing often raises or complicates the question of how customers can recover the direct costs and indirect losses resulting from an outage or a data breach. The objective of this Discussion Paper is to explain the role Cyber Insurance contracts play in mitigating those consequences, and the challenges of assessing the risk and the damage – especially to intangible assets.
Cyber Insurance is evolving in response to user demands. In particular, a new form of contract – parametric insurance – has been introduced to overcome some of the limitations of traditional indemnity insurance. This paper explains how this paves the way toward the future state of CI. -
Reducing the "Artificial" in Artificial Intelligence Across Cyber Insurance
Fintech Futures / InsurTech Rising Magazine
See publicationIn the words of famous mathematician and physicist Sir William Thompson, “when you can measure what you are speaking about, and express it in numbers, you know something about it; but when you cannot measure it, when you cannot express it in numbers, your knowledge is of a meager and unsatisfactory kind.” This simple, yet profound statement captures the difference between data-driven underwriting and risk-informed pricing vs. the current state of the cyber insurance market and the struggles in…
In the words of famous mathematician and physicist Sir William Thompson, “when you can measure what you are speaking about, and express it in numbers, you know something about it; but when you cannot measure it, when you cannot express it in numbers, your knowledge is of a meager and unsatisfactory kind.” This simple, yet profound statement captures the difference between data-driven underwriting and risk-informed pricing vs. the current state of the cyber insurance market and the struggles in measuring and quantifying cyber risk.
Unfortunately, the insurance industry does not yet have a good grasp of the costs of a catastrophic event and therefore lacks the ability to distinguish consequences that are insurable from those that are not. Insurers are starting to generate better loss figures around cyberattacks on specific industries but cannot yet effectively quantify the cascading effects on other sectors.
The cybersecurity situation facing the insurance industry is more complex than for most other sectors. In addition to protecting their own transactional and customer data, insurers are expected to increasingly offer policies that protect the digital assets of customers. In both cases, harnessing the power of advanced technologies is critical. -
The New Cyber Insurance Paradigm
Insurance Thought Leadership
See publicationAcross industries, many mature organizations have become acutely aware that their industrial-based business models, which strive for control, efficiency and scale, are not designed for speed, innovation or individualized customer experiences. Corporate leaders have no option but to consider using cloud-based platforms, but that introduces new vulnerabilities.
Finding an appropriate balance between cybersecurity and privacy strategy while allowing for innovation is of fundamental…Across industries, many mature organizations have become acutely aware that their industrial-based business models, which strive for control, efficiency and scale, are not designed for speed, innovation or individualized customer experiences. Corporate leaders have no option but to consider using cloud-based platforms, but that introduces new vulnerabilities.
Finding an appropriate balance between cybersecurity and privacy strategy while allowing for innovation is of fundamental importance.
As all businesses will become “data companies” in the digital networked world, the cyber insurance industry needs to adapt to effectively underwrite and manage the most dynamic risk in the world. Everyone wants a piece of the action, as there are more than 70 U.S. carriers and 30 U.K. carriers that offer cyber insurance, and the supply will continue to grow rapidly.
There is, however, one fundamental flaw – there is absolutely no standardization! We don’t capture the same data points, conforming to an industry data classification, so there is no gold standard for coverage. -
Why Insurance is Ripe for Disruption
Insurance Thought Leadership
See publicationToday, most people are driving in semi-autonomous cars, or semi-self-driving vehicles, whether you realize it or not. So you may have contactless keys, dynamic cruise control, parking assist, self-correcting lanes and a bunch of other mini-innovations ("minivations") that improve the driving experience for you personally and anyone driving with you or around you.
We know that roughly 93% of all vehicle accidents are caused by human error. Almost $1 trillion a year is spent on auto…Today, most people are driving in semi-autonomous cars, or semi-self-driving vehicles, whether you realize it or not. So you may have contactless keys, dynamic cruise control, parking assist, self-correcting lanes and a bunch of other mini-innovations ("minivations") that improve the driving experience for you personally and anyone driving with you or around you.
We know that roughly 93% of all vehicle accidents are caused by human error. Almost $1 trillion a year is spent on auto repair. Sit back and question that for a second, and that’s when you realize that all of this money – nearly $1 trillion! – is being dropped right into the pockets of the auto repair companies and the physical parts manufacturers.
If you can take the 93% of human error caused by accidents down to 20%, 10%, 5% and ultimately under 3% with a (level 2, 3, 4 and 5 autonomy) vehicle, what will happen? First, you save lives (and the costs of healthcare). Second, you collapse an entire business model, effectively shining light on the inefficiencies and economic costs absorbed by individuals.
This is where our favorite subject enters: insurance. Traditional insurance. The intangibles and untouchables: The Benjamin Buttons of Innovation!
Enter simple math. Look at the premiums you as an individual pay relative to the cash outlay that the insurance companies must make due to accidents. Do you see it now? To say that the business models of the incumbents in auto insurance will shift dramatically is an understatement.
This concept – a company without a tangible product that makes money off the liabilities they have on their balance sheet by means of your deposits – is going to pay for stagnation by means of obsolescence.
Now a reversal occurs – individual empowerment amid institutional disempowerment. The next generation of insurance companies (insurance-as-a-service, insurtech, you name it) will naturally, inevitably and ultimately rise to the top of the pack and take share away.
Honors & Awards
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2024 - US Cyber Insurance Mentor of the Year - Finalist
Intelligent Insurer
This award recognizes an individual who has made significant contributions to developing talent and market thought leadership in the cyber insurance space, guiding young professionals in ways that progress and improve this important sector.
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"Siena College Maddalone Wall of Success"
Siena College
The Maddalone Entrepreneur Wall of Success selectively highlights Siena graduates who have successfully launched their own businesses, and to inspire students by letting them know that they can follow in the footsteps of those who have gone before them.
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2017 New York City "33 Under 33"
StrtupBoost & Cheddar TV
Organizations
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The Center for Internet Security (CIS)
Sponsor Organization
- PresentWe are a sponsor and supporting organization of the Center for Internet Security (CIS). “The National Governors Association recommends that states turn to the Critical Security Controls for a baseline of effective cybersecurity practices. The Critical Security Controls provide states with a security framework that can strengthen their cyber defenses and ultimately protect information, infrastructure, and critical assets.”
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ISACA
Member
- PresentWith more than 115,000 constituents in 180 countries, ISACA is the trusted source of knowledge, standards, networking, and career development for information systems audit, control, security, cybersecurity, risk, privacy and governance professionals. ISACA advances and validates business-critical skills and knowledge through its globally respected certifications
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