In this episode of Power Producers Podcast, David Carothers is joined by Ryan Smith, founder of RLS Consulting, to discuss the evolving world of cybersecurity and how insurance professionals can better navigate this complex space. Drawing on Ryan’s extensive experience, they delve into actionable strategies for producers to engage clients on cyber risk, overcome objections, and build meaningful solutions that go beyond the policy.
Ryan highlights how cybersecurity and cyber liability are complementary solutions addressing the same problem: mitigating and transferring cyber risk. Understanding both perspectives helps producers connect the dots and provide more value to clients.
The conversation emphasizes the importance of educating clients about their cyber risks without resorting to fear-based selling. Producers are encouraged to focus on business impacts rather than technical vulnerabilities, fostering a consultative approach.
Ryan shares insights on helping clients assess their cyber risks and prepare for incidents. He stresses the importance of asking key questions about incident response plans, compliance requirements, and the company’s readiness for cyber threats.
The discussion tackles common objections, such as overconfidence in IT departments or the belief that “it won’t happen to us.” Ryan suggests producers approach these scenarios with empathy and education, aligning solutions with clients’ business priorities.
Ryan points to trusted industry reports, such as Verizon’s Data Breach Investigations Report and IBM’s Cost of a Data Breach Report, as tools to support client conversations and reinforce the importance of proactive cyber risk management.
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