Cybersecurity Awareness for Today's SaaS Companies | Demystifying Cyber Insurance | 5

By Josh Hurst, Director of Engineering

Will cyber insurance pricing become more consistent? Charlie Wilmerding thinks so.

Watch an excerpt from the fireside chat among Trava CEO Jim Goldman, insurance industry veteran Charlie Wilmerding, and Trava Director of Insurance Ryan Dunn as they talk about cyber insurance, past, present, and future.

Read this blog to learn more about why ALL small and medium-sized businesses should carry cyber insurance to protect against the rising likelihood of cyber threats like ransomware.

We're currently living in the Age of Information, and we're more than likely near the beginning of that period rather than the end. Still, we have a growing amount of data that we can look at to help improve cybersecurity and mitigate risks for businesses. As more data becomes available and we develop a better understanding of cyber risk management, we strive to find better ways to serve SaaS companies.

Cybersecurity for SaaS is essential, but choosing the right deductible and getting the proper coverage can be tough. You may feel like you need a certain amount of coverage, but that coverage may not make sense for your situation. More coverage means higher monthly premiums, so you can save money by choosing the lesser coverage, but are certain things then left uncovered? On top of that, cyber insurance providers may not even allow you to purchase the amount of coverage you want if they feel the risk is too high.

Trava uses a data-driven approach to small businesses—and the insurance brokers trying to prepare their policies—to help assess and mitigate cybersecurity risks and get a better understanding of cyber insurance needs. Whether you're working with Fortune 500 companies or small businesses all across the United States, Trava can help you find the right cyber liability insurance for your company.

While purchasing too much insurance might not seem like a big deal, more coverage means a higher monthly premium. The problem is, some insurance agents will look at your request for an unnecessarily large deductible and see it as an opportunity to make a larger commission. It's important to work with a trustworthy agent who can help you understand how much cyber insurance you need and what risks your business is facing.

Trava helps take the hassle and the guesswork out of getting cyber insurance by walking your business through every step of the process. We start by using data and digital risk management software to help identify potential vulnerabilities in your company, then we help you decide how to patch up those weak spots. The better you understand cybersecurity for SaaS companies and what risks your company is facing, the easier it is to get the right coverage. Not only does Trava help assess and mitigate cybersecurity risks that may be facing your business, but we can also make sure you're paying the right amount for cyber insurance. 

Talk to an insurance advisor to learn more.

Insurance brokers, let Trava uncover cyber risks and help patch them before you write a policy.


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