Join this interactive workshop in which we invite carriers and insurer ecosystem players to discuss cyber preparation, challenges and hopes for the future. Hear updates on the latest developments and industry readiness to the threat as part of an open and frank conversation.
Transcription:
Graham Proud (00:08):
Good Morning. What an honor first session of a very long day, two days, lots of stuff going on. And of all of the topics that we're going to talk about, we're going to start on something around cyber. A hugely important topic for insurance to keep an eye on, to track to talk about, and I'm hugely honored to be joined today by probably one of the leaders in US cyber insurance intelligence and response as part of Boxx Insurance. Hilario Itriago, the President of the company. So Hilario, welcome, great to have you with us.
Hilario Itriago (01:02):
Thank you guys.
Graham Proud (01:06):
What we want to do today is have a very informal open conversation around a topic. We'll provide some statistics, a little bit of context around the subject matter as a stimulus for what we talk about, but this is something that we need to keep on the radar and especially as we move through that digitization process, cyber stays on the radar and we need to keep that on track. So it's great to keep the conversation and the dialogue going on that piece. Rio, I might pass it over to you just to give a little bit more information on Boxx insurance, how you fit into the ecosystem, why this is so important and to kick us off with this topic.
Hilario Itriago (02:00):
Sure thing. Thank you for being here so early guys, and I hope everybody's having their breakfast. You all for those non Floridians, I hope you're enjoying the weather. This is the best weather of the year by the way, and if you think that it's hot right now, come back in a couple of months and it'll be harder. The funny story around that is that if you can believe it, this week we're celebrating our first Stanley Cup, so we are ice hockey champions with a Florida team in this weather, so anything's possible. So yeah, great to be here. Thank you, Graham. Yeah, I lead Boxx insurance in the us. Boxx insurance is a cyber insurance company. Cyber is a key topic these days for us in the insurance industry. It's just a little bit about myself. I've been 25 years in insurance, a long time in corporate insurance with RSA or Royal and Sun Alliance, the British former FSE 100 company and then I've been involved in the last eight years on everything and anything around digital insurance the last three years with Boxx Boxx, this works Boxx, it's a Zurich invested company, Zurich Insurance, it's our main investor.
(03:33):
We basically focused on risks around small and medium businesses, but as well individuals and families, which is quite a distinctive combination for some of our competitors in the US market at least. Most of our competitors like Coalition at Bay Corvus, they focus on the SME market. They don't combine SME with consumer. We have both and we're a B2B company. We don't sell direct to consumers, but the combination allows us to do some interesting things because in the SME space companies with a hundred million dollars and less in revenues, you have a good chunk of that segment that has a good number of employees. And one of the topics that I wanted to talk to you guys about today, and hopefully we'll get into the conversation is cyber is probably one of the most universal risks we've seen in a long time in the 300 history, 300 year history of insurance because it's one where the risk is always evolving, right?
(04:49):
For any of you have worked in PNC and in cat markets, an earthquake is an earthquake. It doesn't really change much other than magnitude, but cyber can come in many different ways from many different directions. It doesn't matter where you are, it doesn't matter how big or small your company is, you're always a target. So in our view, the fact that cyber is universal, you need to tackle it with both the risk transfer aspect, but you also need to tackle it with technology. And this is very fitting for this conference because it's basically a digital risk through and through. So unless you have technology to do the prevention and insurance to do the protection, there's no way you can actually be in this segment. And we believe that in addition to that, there's no way you can offer small and medium businesses with protection if you don't offer their employees all the prevention tools so that the risk lowers.
(05:56):
Because one of the things that we know and we don't have the slides in order, so this wasn't meant to be a presentation, so I'm just going to jump into them, but the human factor on cyber continues to be a massive risk. 80% of ransomware phishing attacks target an individual that just don't know whether or not cyber, the email is legitimate, the sender is legitimate, the link is legitimate, the message is legitimate. And so the human factor continues to be a massive first line of defense for cyber insurance, regardless of how good your race transfer product might be, regardless of how good of a technology on the automations that you may have from a firewall perspective or multifactor authentication or all those good things out there. If one of your employees, if one individual just can't identify an attack, they will click on the wrong thing and you are exposed.
(07:00):
So that's why we believe. So we strongly that combination of prevention and protection is so important. And going back to us for a second, and this is not meant to be a pitch, but just to give you a sense of anybody who's focused on cyber in the US around the small and medium business segment would tell you something similar. But the one thing that it's critical here is that when you offer products that have the combination of technology and insurance, you can offer products combined or separate and that the beauty of doing that is that it allows you to have a product that is a traditional insurance coverage, but it also allows you to have an assistance product. And many of us in the market don't think of cyber like an assistance, but the reality is that it becomes such a great compliment for the existing portfolios.
(08:03):
When you think about your home insurance, your home insurance policy doesn't cover any digital risk at all. Let me let that sink for a second. Your home insurance policy, it's only covering your damage of the physical stuff, but thieves are not coming through the window, they're coming through the router. And so a cyber assistance or a cyber insurance policy is quite fitting in this day and age because on average in the US a home has at least 12 devices connected to the cloud. And to some of you, that might sound like too many, some of you that might be too little, but the reality is that when you count laptops, tablets, mobile phones and digital watches, you get to 12 pretty quickly. So the fact that you can combine an assistance product for home warranty, for example, or an insurance product as a compliment of your home policy, you are really covering yourself through and through.
(09:13):
So that's true for traditional insurance carriers who might not have the coverage for cyber. That's also true for distribution channels that may not want to sell insurance, but they understand the value of an assistance product for cyber. So however you look at it, there is an angle for cyber protection in this world that we live in right now. The other thing that's quite important here is the cost of cyber attacks. And again, I go back to small and medium businesses, businesses with a hundred million dollars in revenue or less, which is our segment. When you think about it, a lot of small businesses would think, well how bad could it be? I'm a small fish big pond, I'm not going to be targeted. The reality is that small businesses are the training ground for cyber attacks. Any hacker who wants to hit the jackpot at a big company will go and train themselves with the small ones.
(10:14):
And in doing so, then they get a lot of insight around how can I actually break through what are the most popular tactics that are out there that I can actually try and versions of that. But the reality is that when they actually make it through, it's going to cost you money. And it doesn't matter how small your business is. If you're a small LLC, it's a provider of a large company, let's just say Walmart or anybody else in a supply chain, you're going to have to have cyber insurance for sure because it's the new ENO. Many companies require you to have ENO. Many companies are going to require you to have cyber. There's no way around it. The important thing is to have the coverage, but it's also important that you have the coverage and the technology to make sure that, again, for those who are just arriving, it's about prevention and it's about protection. It's about the technology that allows you to mitigate the risk and it's about the risk transfer that allows you to recover from the attack. I'm going to pause for a second. It feels like a monologue. Is there any questions from the audience that you guys want to throw at me at this point?
Audience Member 1 (11:28):
I'm just curious.
Hilario Itriago (11:29):
Sorry, I'll give you this. Okay,
Audience Member 1 (11:31):
I'm very loud. So I'm just curious in terms of claims, what is the biggest risk that you're seeing right now? Is it ransomware it? Are there any other particular things going on?
Hilario Itriago (11:43):
That's a great question. Ransomware was the biggest up until fairly recently. I would say end of 2023. It continues to be a big part of it, but I would say this year you're seeing a lot of fraud, transfer fraud a lot. I got an email on a Saturday from the CFO of so-and-so company, they asked me to transfer money. It looked real. I did a look at the syntax of the email. There was just a couple of letters inverted. I transferred the money. I think one of the important things about that is how do we react? Because I've just spoken about prevention and protection and all that good stuff, but when the thing happens, what do I do? How would these cyber insurance companies help me? And there's many different things out there. You'll find cyber insurance companies that basically say, call my call center.
(12:41):
We'll take the claim. And there's others that would really do the job to find out whether you're actually been a victim of a claim at that point in time. Because the reality is that about more than 65% of the calls that we receive that we do the triage for, they're not a claim yet. These are people that say, I think I've been hacked, something's happening, there's something weird here, help me out. And the big difference between how do you triage that and effectively and how you don't is first of all the team that you have, if you basically outsource this to someone who've surrounded you through a script like any other generic call center, you're not going to get triaged at all. And you don't want that for your customer. What you want for your customer is to say, if I can avoid you from having the claim, I will do so because I save you the pain, but more importantly, I save your policy for renewal and the pricing and all that good stuff.
(13:48):
So in our case, we have an internal team, we call them the hack busters. You can imagine the age group of the person that came up with that name, but we call 'em the hack busters because we pick up that phone, we do the FNOL on that call, and that's where the stat comes from. Now, the most important aspect of that is that the differentiation of how effective you think that triage is going to be is what do you put forward for your customer? So one of the things that we do is if you call us within an hour of you thinking that you have an event, we'll waive the deductible straight through. And again, this is not us alone doing this. There's competitors doing versions of that, but the beauty of doing that is that you trust that your team can actually do a great job at helping that customer. You're putting on the line that element.
Graham Proud (14:45):
Hello. Just to step in there and off the back of that question, which was a great question. We are talking about the state of play in the US and I'm really keen to hear as insurance we're set up to protect physical assets home PNC, but there is a digital roadmap and a digital threat that goes through multiple inputs that present cyber threats. In your opinion as insurance companies in the us, how well are we keeping an eye on that digital cyber piece versus protecting a home, a car, everything else? Because there is a percentage on both ways. As we give up one path and concentrate on another, how well are we doing? How much attention are we keeping on the cyber digital piece that can our customers and businesses?
Hilario Itriago (15:49):
Yeah, I think as a market we're doing better every day. We're realizing that if you think of this journey three years ago, post pandemic, everybody went like, oh, everybody's online. We all need cyber insurance. Everybody's working from home. Let's just make sure that people have minimum controls and we assure them, right? So we've gone from a maturity level where everybody needed cyber insurance, but not everybody had the minimum controls. And so the path to insurability was hard By virtue of that entry point, as we actually moved on to get people more insurable, we've actually realized that the minimum controls might not be enough to manage the protection aspect of things. So there's two angles of why I say things are getting better. We as insurers are realizing that there's a bunch of people other than the excluded classes of business that won't get typical insurance or typical coverage.
(16:56):
There's a bunch of people that actually need the risk management aspect to be able to be insurable. So how do you take those people into the journey to say you need multifactor authentication and you need to ever have automatic backups and just because you're on Google Cloud doesn't mean that you're completely prevented from this stuff happening to you, et cetera, et cetera, et cetera, and take them through that journey so they actually become insurable at some point and we're getting better every day because that aspect of bringing people through that journey, it's now becoming probably the more important entry point than saying, do you qualify for assurance? You don't. Off you go, you qualify, come in. So it's a more sophisticated path of maturity that we're taking small businesses through.
Graham Proud (17:46):
And just over the last few years, I hate to say the C word, COVID, post COVID, everything else, how has that changed your perception in terms of cyber threat and how do you keep on top of the multitude of technology companies, third parties that can offer a pathway to a cyber threat? There's so much going on insurance. Traditionally we are people that are able to quantify risk. And you mentioned earlier that quantifying the risk in the cyberspace can be more complex. So how do you navigate that huge realm of risk and possibility?
Hilario Itriago (18:34):
There's going to be a question over there afterwards, but yeah, that's a good question. If you think about it on cyber, despite of the many news that you hear of people being breached and all that, the reality is that we haven't had a cat event on cyber yet. Nobody has said Microsoft Azure has been breached through and through and it's a disaster of gigantic proportions globally. So we haven't got to something like that. But the reality is that we don't want to get there and there's a lot more sophistication going on from the big players to make sure that cyber protection is integral to their business model. For example, AWS has a big program for small and medium businesses to get insurance because they have the right tools activated within their platform for protection. They don't get anything out of that program, by the way.
(19:40):
They're not a broker, they don't get revenue, nothing, zero. They're just inviting cyber insurance companies to be part of a panel that says, if I show you that my SMBs are well protected and have the right controls because they utilize my platform, then you give them a better price to actually be insured. That is a massive thing. Massive thing. Because if you think about for those of us who are old enough to remember the traditional affinity plays, everybody wants to get a cut just to sell the insurance, but nobody has an integral interest on the insurance business itself. And so the fact that AWS is doing that, the fact that Google Cloud has an insurance leader inside their organization is massive. Some of them do it for cyber purposes, some of them do 'em for other complimentary risks, but that in itself is quite an important opponent. You got a question?
Audience Member Tal (20:38):
Hi, how's it going? So I'm Tal from EasySend and I was curious, a part of your job is pretty much to educate your customers to get the right tools so you can ensure them, right? And again, it's a growing vertical, the cyber insurance, it's still fairly new and you got to go through all that process. So I was just curious, how do you go about it? Is it still very manual? You still have to, they got to call you, call center, provide this documentation and so on and so forth. How does that work for you to do that education?
Hilario Itriago (21:13):
Love the question because three years ago we were doing that selling Tupperware, we were knocking at the doors doing a small party. Let me talk to you about cyber, right? Literally we realize that when you think of companies that do the technology prevention side of things, security scorecard bit side, those type of companies, you realize that they're selling a high-end technology tool that it's not going to come down to the Tupperware party, but neither we could continue to do the Tupperware parties because our ability to actually get to the market, especially the US, we'll be here until 2090 and we haven't got Florida. So what we did right after our series B is we purchased a company out of Palo Alto called Templar Bid that were developing all those tools. It was something we decided to do to bring it in-house. So the Tupperware party became a more digital discussion where we could actually tell customers, I'll give you the tools, test them and get yourself acquainted with it.
(22:30):
And once I actually know that you're in the right level, then I will give you the best price for your cyber insurance. So that allows us to permeate a lot more people faster while gathering the right data to say at one point in time, what can we offer our customers? Again, we're not alone in the other players out there bigger than us have done or are doing similar things. We think that we're doing it at a more sophisticated level because we want to own the stack of the technology without pretending to be a technology company that influences our ability to do the best risk transfer. Does that make sense?
Graham Proud (23:18):
Any other questions? Off the floor, off the back of that Hilario, you've got a couple of slides there. We didn't really look at so much. Let's have a little bit of a deeper dive on some of those.
Hilario Itriago (23:30):
So just to compliment the losses earlier, this is a more broadened view and as you can see, more and more people, more businesses are actually being victims by virtue of two things. One is more people are reporting losses. More people are saying I have
Graham Proud (23:57):
Is this small to medium businesses?
Hilario Itriago (23:59):
This is small to medium businesses. Okay? So more people are complaining about it, more people are being victims about it and more people are also having losses. Now the important thing here is that the US as a market is such a vast market that the segments where you can go for small and medium businesses are very far and wide. Lemme just give you an example. If I go to Latin America and I go to Brazil, which is a big market, small and medium businesses would need coverage up to a million dollars and those are businesses that would have 20 to $50 million in revenue. We focus on the lower end of SMBs and that's a hundred million dollars revenue and below all the way to a billion, you have a chunk of medium businesses far and wide that you have to take care of and whose losses could be quite important.
(25:14):
And I just have to mention the example of auto dealerships. The last two weeks have been a disaster because of, I don't know if you've heard the CDK software breach, this is massive software company providing 60 plus percent of the market of auto leaderships with their core platform. They get breached, all these dealerships get stopped all of a sudden and you have in there all sorts of size of dealerships within that bracket that goes from a hundred million all the way to a billion. So this thing gets bigger by the nature of the bigger attacks and different segments and these are getting way down to the SMB level, not just the big ticket items.
Graham Proud (25:58):
Hilario, how do you deal with, I mean you are not coming off the back of a 100 year legacy of data. This is in the insurance context. It's relatively new in terms of what's happened so far and quantifying that risk. So is it quite a nervous position to be in, not to be fully aware of so many things that could happen. If you look at the last 10, 15 years, I would imagine the high percentage of the cyber significant breaches have happened in that period. So you're not coming off a huge history there. So how do you deal with that?
Hilario Itriago (26:49):
It's a difficult position to be in because you're a monoline company, you're only doing cyber, right, which is different than our investors Zurich who might be doing cyber, but if they see that the thing deviates, they stop it or they slow it down and they still have ENO tech, E-N-O-M-P-L, a bunch of other lines for the SME segment that grows and covers them. In our case, if you think of cyber insurtechs, there's two big elements to it. This is our opinion. One is if you're a cyber MGA through and through, you need to be on top of your portfolio every hour, almost like every day, day in and day out. I'm looking at this, I'm preventing this calls that I'm getting from being an actual attack and being acclaim, et cetera, et cetera. When you're a small cyber insurtech, you can do that much better than the unicorn cyber insurtech today in the US market.
(27:52):
Why? Because these guys have raised so much capital that they need to get their revenue to justify and the growth justify those valuations. And so cyber doesn't cut it, especially in a soft market like the one we're in right now. So they have to go and diversify themselves selling other stuff and that takes away your focus. We believe that by having focus and being on top of your portfolio and making sure that you don't digress from your core value proposition, which is it's a hundred million revenues or less, it's up to three to 5 million in coverage and we use prevention tools through and through no matter what. That's how we are actually managing this and gathering data like crazy as well.
Graham Proud (28:44):
Okay, I'll test you now. Looking at that graph there, 22, 23 looks like a slight stabilization. What's 2024? 2025 going to read in two years and I'll come back to you and tell you if you're right.
Hilario Itriago (29:03):
I think that it will continue that trajectory that you see, which is it's growing. I think there's a level of sophistication that's going to allow them not to balloon by the cyber players, but it's definitely a market that's going to keep growing because more people are getting more insurable for cyber than ever before from an SME perspective. And equally more individuals and families are getting more cyber. Cyber not ID theft. That's an important distinction. Many of us right here most likely have a one kind of a $1 million ID theft coverage either because someone gifted to us on our credit cards or someone bought it from a provider or whatever. But ID theft has proven to be number one, the million dollar coverage is a bit of smoke and mirrors because good luck getting a million dollars from anything and if anybody who's giving you that coverage is telling you you're going to get it on legal fees, good luck on that one as well.
(30:10):
So the cyber coverage where you get things like not only phishing ransomware and computer attack, but things like cyber bullying coverage and things of that nature that's far more relevant than ID theft alone. And let me give you an example. When I say cyber bullying, the immediate thought is it's for my kids. They get bullied at school, all that stuff. There's a lot of adults out there by virtue of a divorce or any other situation that are being cyber bullied online that need to be covered for costs on psychiatric situations or legal situations, et cetera. That becomes quite an important coverage for everyone to have. So the thing evolves, and by the way, more companies are realizing, and this is an important aspect as well of the maturity, many companies are realizing that when it comes to protecting themselves, one of the priorities is to protect the employees.
(31:18):
And also that by default is extending it to protecting your consumers because one of the things that I always say is the worst response, any company who have had a breach and have leaked your information because they've been breached, the worst answer they can give you is direct you to an FAQ website where you can just check what should you do to protect your identity that they have actually been responsible for being leaked online. How do you explain that? So if you think of financial institutions, people who are having us, consumers having to go online for efficiency purposes to do online trading, online banking, whatever you want, and they're not giving us protection at a minimum, that's a wrong value proposition and I am convinced that's going to have to evolve because the FAQ webpage, it's not going to cut it.
Graham Proud (32:16):
Thanks Hilario. Any questions off the back of that, Jeff?
Audience Member 2 (32:23):
These are all business losses that we're looking at here. You mentioned earlier the trend towards fraud. Now and I know in a B2C world this is a huge problem. Do you have any inclination of the size of that problem and our insurance carrier is going to move into that sort of B2C coverage play for where consumers are getting?
Hilario Itriago (32:42):
So I owe you the number because I don't want to throw something out there that doesn't, but I think I completely agree with you. I think there will be more trending towards the B2C and again because cyber becomes a very nice compliment coverage to existing coverages they have in their portfolio, whether it's home, whether it's auto. These days we believe that auto dealerships are going to include some sort of ID theft or cyber coverage in your service plan for a car that it's online connected from the dealership. We believe that rent cars are going to offer you some sort of coverage because you've plugged in your phone, downloaded the contacts, got the car back and never downloaded the context back from the car. There's a bunch of behavioral situations that are driving companies to have to protect consumers from their data being leaked by a result of those behaviors. Thanks Graham for the walking.
Audience Member Tal (33:59):
I have another question. So it's cyber that this topic is just kind of endless and you can go and just like you said, the example of me, I'm going to Avis and renting a car and then I'm connected to Bluetooth and all that kind of stuff. And then you're going talking about cyber bullying. So I'm just curious, how do you deal with that? You got to, okay, so let's say I bought this cyber bullying coverage, I am coming to you and then you have to deal with that. You have to either prove it or what's the compensation on it, how do you even deal with the actual end customer? What do you do in terms of cyber bullying for example?
Hilario Itriago (34:43):
So the majority of those coverages these days are covering you for expenses related to the risk. So cyber bullying, basically the coverage around cyber bullying is expenses that need to incur for psychiatric care, legal costs, moving costs, things of that nature that are related to the cyber bullying. But I think the nuts of your question, which is really good is a lot of these coverages are things that even you go to the regulator and they don't know what to do with it. We've seen some of these coverages in some states that basically the regulator is saying, but you need to give me proof of damage. So how do you prove cyber bullying damage? How do you go about that? And those are conversations along the lines of the maturity of the industry around cyber and the product and the coverage and all that. That would naturally need to evolve quite quickly if we actually want to have those type of coverages and benefits for consumers.
Graham Proud (35:48):
I think also what tell you are talking about is creating a boundary because it's not a straightforward proposition where you are insuring a car or a home, et cetera. When you talk about cyber, there are multiple applications when you talk about cyber bullying and everything else. So where do you set the line? Where do you set the boundaries across so many different potential applications? It's not a straightforward proposition for you as a company is it versus a traditional insurer looking at something else.
Hilario Itriago (36:22):
But that's why also the assistance element is so important because even if you can't get to the actual coverage and the risk transfer element quick enough, you can have an assistance product that helps you with those consumers to be aware. To give you an example, one sponsorship, I don't know if you guys have sold it here for this conference, but probably I'm helping you with your revenue, your generation next year is there should be a sponsor for VPN because most of us, most likely are getting into this conference, finding a Wi-Fi, connecting to it and it's great, it's free, but it's an unsecure Wi-Fi. It's being given free to us by the hotel or the event organizer or whatever. If you had a VPN sponsor for the conferences, naturally people will think that there's a protection element there and that the conference is taking care of that because they're aware of the situation potentially being harmful for your attendees.
(37:18):
So those are small little things that are potentially revenue generators for some businesses, but regardless of that, there are part of the nature of how we live today in a digital world, right? Because if I get hacked connected to this hotel Wi-Fi and I don't have insurance or I don't have any other type of protection, what do I do? Who's responsible? Who do I go to So well if you have my product, if you have our product delighted, but you see what I'm getting at. So there's a behavioral thing again that the assistance product can help to get us all into that level where people are aware of what they should be protecting themselves against at least
Graham Proud (38:04):
Great. I'd probably be remiss if I didn't ask you we're running out of time a little bit Rio, but you're a company that's not a hundred years old, of course relatively new in that respect. In terms of that context, in terms of your operational performance, the digital processes, how you work, how serve your customers, and in the context of this conference in terms of digitalization and digital insurance, how have you moved quickly to set up a process with, I don't know, third parties or technology so that you can deliver what Boxx insurance wants to deliver? What's that journey been like for you?
Hilario Itriago (38:52):
So I kind of mentioned it a little bit earlier, but from an operational perspective, being an insurance company, it's tough anywhere because regardless of how agile you think you can be and how digital you think your product is, you still need to deal with all the compliance components associated with that. So it doesn't matter how quickly we want it or could be, we've had to go at the speed of the legislation. Having said that though, one of the things that we've discovered is that it is a business model that works really well when you are decentralized because the knowledge around cyber insurance in the US it's pretty much everywhere. And so the fact that we can have underwriters in California, New York, Chicago and not sitting in the same office, it's actually that we found quite beneficial. Also, it is one where partnerships are more aligned.
(39:59):
So if you want to actually bring partners to support your value proposition that are aligned with you in the way you actually want to distribute, et cetera, those partners are willing to move at speed with you to really deliver that value proposition as opposed to I'm trying to build a whole value chain for auto insurance, which has to deal with a lot of physical components. It takes time. This is digital through and through. And so it's been really helpful for us to be able to do that. Now again, the US market is huge. In Florida alone there's 60,000 registered agents and so if you wanted to do B2C, it'll be something that takes you a lot of time and a lot of money, which is why we prefer the B2B, B2B2C route because it allows us to use partners to then go into a wider audience faster.
Graham Proud (40:55):
Great. I think that's a great point around centralization versus decentralization and sometimes one would assume if you're moving through a digital first piece, you can all be in one place, you can work it through a digital process and everything can be great, but actually it's still very valuable to have foot on the ground across the geography which you are working in. And also very good to hear that you are a supporter of PACE in partnerships and partners that can come in work quickly, understand the issue, integrate and move on. I think everybody in insurance wants to make things move a little bit quicker, right?
Hilario Itriago (41:45):
Yeah, a hundred percent.
Graham Proud (41:46):
So it's glad to hear that you are a supporter of that. Any more questions off the floor before we wrap up? No. Hilario, can you give us a minute on where you want to go in the future, where you see cyber going and what we should expect?
Hilario Itriago (42:07):
Well, it won't surprise you. We think that the more people can get cyber coverage, the better. We live in a digital world, everybody needs it. We're trying to get more into the non-traditional space where we do more affinity distributions, more mass distributions with partners. We believe that a lot of these partners actually are aligned with getting these type of value propositions for their core businesses. So we're really looking for those. We have some of them. We think there's a good number of them out there that would benefit in partnering with us. And like I said earlier, we're here to cover almost every segment, every vertical because this digital risk applies everywhere. So if you're thinking of that VPN idea, I just told you, I'll be happy to be involved.
Graham Proud (42:57):
Thanks a lot. Thanks so much for your insights.
Hilario Itriago (42:59):
Thank You guys. Appreciate it.
Graham Proud (43:01):
Have a great conference everybody.
US State of Play- How Can We Protect Against Cyber Threats- What's Coming Down The Line
July 26, 2024 11:55 AM
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