The COVID Coverage Financial Firms Need: A Cyber Insurance Policy

In this episode, CSS’s Director of Cyber IT Services E.J Yerzak sits down with AVP, Program Executive at Varney Agency Nick Weiner for a Cybersecurity Awareness Month discussion on cyber insurance. The global cyber insurance market size is projected to grow from $7.8 billion in 2020 to $20.4 billion by 2025. Major factors driving this growth include the increasing number of security breaches and cyberattacks during COVID-19 that have resulted in large-scale financial losses and stringent government regulations towards adoption of cyber insurance policies. Many financial firms cite ransomware, business interruption and reputational risk as the biggest concerns when choosing to implement cyber insurance.


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About Our Guest Speakers:

E.J. Yerzak CISA®, CISM®, CRISC™ assists firms in assessing and managing their cybersecurity risk – from network vulnerability scanning and penetration testing to onsite cybersecurity assessments and assistance in implementing the NIST cybersecurity framework. E.J. has authored articles and alerts on emerging regulatory and technology issues, and is regularly requested to speak as a cybersecurity expert at industry conferences.

Nick Weiner is a commercial insurance agent, with ten years of experience focused on cyber, professional & management liability insurance for financial institutions. Nick firmly believes every professional organization deserves access to a specialist who can design, administer and implement a custom insurance solution. Working with an independent insurance agency gives Nick the opportunity to use his experience, knowledge, and understanding of the marketplace to assist his clients in finding the insurance solutions that meets their needs. At twenty-two, Nick started his own national insurance agency focused solely with the goal of servicing entrepreneurs in the financial services industry. Seven years later, Nick’s business was purchased, and he joined forces with Varney Agency (Portland, ME) to assist in the continued growth of their financial institution’s division. Nick often participates in thought leader groups for the industry and works closely with some advisory focused publications to provide input on insurance related topics.