Mercatus Radio - What is cyber insurance and why do grocery retailers need it?

September 29, 2018

In this episode, Sylvain Perrier explains why grocery retailers need to step up their security measures. He recounts his first experience as a vendor in dealing with retailer cybercrime going back well over 10 years at BJ's Wholesale Club.

Sylvain highlights why retailers need to be cautious. The retail industry is now the top target for cyber criminals. As the “2018 Trustwave Global Security Report” observes, the North American retail sector suffered the most breach incidences of any industry in 2017 (16.7%), followed by the finance and insurance industry (13.1%) and hospitality (11.9%).

What can grocery retailers do about the increasing number of cyberattacks?  It's impossible to be 100% secure. There are steps grocery retailers can take to mitigate risk and reduce the impact of a cyberattack. Sylvain introduces listeners to the world of cyber insurance, which can be very complex to navigate. Helping decipher this world is studio guest and cyber insurance expert, Robert Harrison, an insurance executive with Martin Merry and Reid based in Toronto.

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