Preventing Professional Pitfalls with Errors and Omissions Insurance

[00:00:00] Hello everyone, welcome to another exciting episode of Insurance Insights podcast which

[00:00:04] is brought to you by Policybazaar for Business. Policybazaar for Business is the corporate

[00:00:09] insurance vertical at Policybazaar and we are committed to make business insurance affordable

[00:00:15] and accessible across all businesses. Today I am honored to have Ms. Achna with me

[00:00:19] who is the co-founder and director at Security Lit which is a cyber security firm which

[00:00:25] is making cyber security accessible to all companies in India and saving them from cyber threats.

[00:00:32] Thank you so much Ashu for inviting me here on the show and I really appreciate your gesture.

[00:00:38] To set the stage for our discussion, what is the story behind Security Lit and what inspired

[00:00:43] you to actually start this company?

[00:00:45] Security Lit founded in 2020 and if you remember 2020 was era when we got you know

[00:00:51] we struck by COVID and we got our first lockdown, global lockdown actually.

[00:00:59] So that time all the businesses were you know pushing themselves online and results to that

[00:01:05] all the cyber attacks were started popping like crazy but that time you know businesses

[00:01:11] were not aware how to defend themselves so that's where we stepped in.

[00:01:16] In last year May 2023 we incorporated ourselves in Indian market and I've seen confidential

[00:01:23] data flowing from one organization to another organization without having any safeguarding techniques.

[00:01:30] So that stuck me that how clueless the companies are they are not aware of how to protect

[00:01:35] their data and everything. We have seen that there was a massive gap between you know

[00:01:39] running a business and keeping it safe so we felt that educating businesses is

[00:01:44] very crucial and important tool and that's what we are all about. We are not just crumbling

[00:01:50] to fix things up after they happen. We make the strategy you know to make ourselves

[00:01:55] you know ahead of the curve so that you know we can give best defenses to our clients.

[00:02:02] The cyber security landscape is constantly evolving so what has been the most pivotal points

[00:02:09] in the journey of security led from inception till today both in terms of challenges and emerging

[00:02:14] opportunities. Change is a way of life and we all have to adopt to survive.

[00:02:21] I would say I will give you the number currently the data says that 751 million plus people are

[00:02:28] using internet so as much as you expose yourself on the internet you are you know so many steps

[00:02:33] closer to get attacked by you know cyber threats. So and we understand that you know

[00:02:39] nowadays businesses you know do not have the resources or they know about how to tackle

[00:02:45] you know these kind of situation on their own so that is why we have you know a cost effective

[00:02:52] cyber security solution to help them and to defend their data and their assets

[00:02:58] and no matter what their sizes and budget they have and we also have you know we have expanded our

[00:03:06] offering like you know risk assessment and incident response service and ongoing monitoring.

[00:03:14] We have developed a system where skillful of hands they create actually the plans

[00:03:21] and the incident response plans and you know every plant you know how to protect their

[00:03:25] services as specific to the industries and as specific to the client requirement.

[00:03:32] He actually created this platform which is a PETAS we called as as a penetration testing as a service

[00:03:40] and the product name is Capture the Bug and it is a platform where you know it connects

[00:03:46] most of the businesses with the global community of ethical happens you know

[00:03:52] where they ensure that the continuous you know penetration testing is happening on your URLs

[00:03:57] or your products. So this is the best thing I think right now that you know to saving the

[00:04:03] time of client and the you know giving them quality results. In today's competitive

[00:04:08] industry and market how do you prioritize customer satisfaction and loyalty? So basically we

[00:04:14] you know follow customer-centric approach and we create the solutions or we create the

[00:04:22] you know plans as for the client's requirement. Our first motive is to understand what client wants

[00:04:30] and if so we have seen that I've already mentioned that clients are not aware you know

[00:04:36] companies are not aware about what exactly protection cyber security protection they need.

[00:04:42] So we you know make them aware of things that okay you are using their services

[00:04:47] and these are the loopholes that you need to you know patch. So our every plan our every

[00:04:55] you know services we you know make them customized for our client as per the industry if it is

[00:05:01] healthcare if it is you know SaaS platform if it is you know crypto so this is a very

[00:05:06] important thing that the proactive communication with the clients. So we have you know real-time

[00:05:13] report mechanism and so that you know once any vulnerability is you know fine by any ethical

[00:05:22] hacker or any security consultant. So it need to be you know informed to the client real-time.

[00:05:29] With the latest advancements in technology how do you ensure that the team stays updated

[00:05:33] with the latest industry trends and how do we foster the culture of innovation at security?

[00:05:39] I mean I would say that I'm you know very proud to have my current team and so we basically we

[00:05:47] organize you know training programs and workshops we regularly participate in you know events

[00:05:56] where you know a lot of people are connecting with each other and sharing their you know knowledge

[00:06:03] with everyone and the best part that I've mentioned that the capture the bulk so it has the community

[00:06:09] so it is a global community. Ethical hackers from the whole world they are connected on that

[00:06:14] platform it is a community and so all of the you know team members they also meet up with them

[00:06:20] share their knowledge so that can get to know about what all the new threats are coming

[00:06:24] but from professional development. I personally engaged with my team giving them support. As you

[00:06:30] know the IT industry is inherently risky so what are the risks that you have identified at your

[00:06:35] business and how do you proactively manage them? So the risk that we have seen in you know

[00:06:41] IT industry is that they hold the data they hold the server control of companies a lot of

[00:06:48] companies right and so there are chances there are maximum chances of you know cyber threats

[00:06:54] cyber attacks data breachers apart from that being a cyber security consultancy company we

[00:07:00] the first thing is that we protect ourselves right so we have implemented comprehensive

[00:07:08] security measures like you know firewalls using multi-level factor authentications

[00:07:13] encryptions so basically we also have the data of clients right to make sure that clients

[00:07:20] data is safe we need some cushion we need proper planning so just like the business continuity plan

[00:07:25] and you know the disaster management plan so all those are in place with the company

[00:07:31] to make sure that our client are safe the data are safe in case if there's any intrusion

[00:07:36] is happening or in case if there's any disruption is happening so through the bcp you know

[00:07:45] business continuity plan and you know and you know having a good insurance we make sure that

[00:07:51] our clients work is can operate with minimal disruptions let's say things always don't

[00:07:57] go according to the plan and even with the best safety measures that you have in your company

[00:08:03] some unexpected things may happen so how do you think insurance is helping you give that

[00:08:08] piece of mind i mean i would start answering this question with a quote that put your oxygen mask on

[00:08:16] first before helping others as a company if it is a mall or large enterprise we keep drags we

[00:08:23] double check our assessments and we forecast you know unknown events but we still cannot avoid you

[00:08:29] know unexpected events i would say that some cushion to back you up with this situation

[00:08:34] actually so for looking up for the right insurance to cover up your exactly needs it's a pretty tricky task

[00:08:42] and for that you need to take some guidance from from the people who knows the ropes actually

[00:08:48] right now we are having error in omission liability which actually gives us peace of mind

[00:08:55] and you know we actually focus on our you know core operational world and also it gives a kind

[00:09:01] of assurity to our clients as well that we are well equipped to handle their data and you know

[00:09:09] secure them without having any worry about unexpected events or anything so the insurance

[00:09:15] that i talked about the you know error in omission covers all of the cost which helps us

[00:09:22] not go into panic situation because we are aware that yes it is not impacting we are not having

[00:09:28] any you know potential financial losses and we can focus you know completing the task of the clients

[00:09:36] where we can focus you know recovering or understanding the situation and securing clients

[00:09:45] data safe and sound thank you so much for taking out time and sharing so many insights

[00:09:53] about your business really appreciated thank you thank you so much Ashur please make sure to hit

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