Safeguarding steel

Safeguarding steel | Insurance Business Canada

Cyber

Safeguarding steel

How BOXX helped SaskaSteel forge a path to cyber insurance

This article was provided by BOXX INSURANCE.

Places, industries, and names have been changed to preserve client privacy

SaskaSteel, a standout in Regina’s manufacturing scene, has been turning heads with its swift expansion into various sectors. Led by operations manager Joseph Bear, the small but mighty full-service steel fabricator recently underwent a successful transition to full digitalization, positioning itself as a force to be reckoned with in the mining, environmental, and construction industries.

The recent appointment of Carmen Baker as the head of IT highlighted the need for cyber insurance to safeguard its digital operations. While SaskaSteel adhered to robust security practices, the potential threat of a cyberattack loomed large over its interconnected systems. With everything, including product development, team communications, sales, orders, and supply chain management, online, a cyberattack would be catastrophic.

Joseph contacted the company’s insurance broker, aiming to secure comprehensive cybersecurity coverage. The applications the broker sent over were confusing and some of the questions were difficult for Carmen to answer. She’d only been on the job for six months and had inherited the set-up and systems they worked with. It took longer than they expected, but Carmen navigated the requirements as best as she could. Now, all they had to do was choose the best cyber insurance plan for the company.

Not quite. Joseph was floored when his broker informed him a week later that SaskaSteel didn’t qualify for cyber insurance. The broker sent over reports from the insurance companies detailing all the necessary changes for insurability. Carmen was only able to address some of the issues, leaving Joseph frustrated by this new setback.

“I’m trying to sort out insurance for the company, and suddenly we’re hit with a bunch of stuff we don’t understand,” he said. “Like, ‘Here’s a list of scary things. Fix it and call us.’ Now, we’re feeling exposed, and our broker couldn’t help. It’s nobody’s fault, but man, talk about frustrating. We went to our broker to help us solve one problem and ended up with a bigger one.”

With the added pressure of a busy work environment, addressing the insurance requirements ended in fruitless meetings and mounting anxiety. When the CEO asked for an update on cyber insurance, Joseph had to admit he hadn’t taken care of it. Getting insured was becoming a headache and the longer it took, the less competent Joseph looked.

Determined to find a solution, Joseph sought the assistance of a new broker. When he explained the urgency of his situation, his frustration with the previous applications and reports, she was reassuring.

“She wasn’t surprised by anything I told her,” he said. “She mentioned a cyber insurance provider she really likes working with that could help—no obligation. I was skeptical, but by the next afternoon, she’d lined up a call with Jack Brooks at BOXX to review our application and talk about what we needed to do to qualify.”

Jack Brooks is BOXX’s virtual chief information security officer (vCISO) and head of the BOXX Hackbusters team of cyber security incident response experts. He understands the complexities faced by businesses like SaskaSteel in getting cyber insurance.

“We often encounter situations like SaskaSteel’s,” Brooks said. “Those scan reports can be difficult to interpret and may not provide a complete picture. At BOXX, we thoroughly investigate flagged issues and offer solutions for free, regardless of whether clients choose our insurance. It can be a bit of work on our part, and there’s always a risk brokers may explore other options after we help clients qualify. But really, as long as everyone’s insured, we consider it a win.”

In the call, Jack explained that once SaskaSteel applied for cyber insurance with BOXX, they’d run a report to look for any issues that may prevent them from qualifying or paying unreasonably high premiums. Joseph was relieved to learn that Jack would follow up and explain the report AND advise Carmen on how to make the necessary fixes.

“Jack’s relaxed approach to the process really put me at ease,” he explained. “He said we could call him with any questions about the application and promised to set up a call through our broker once he had the report. It felt good to know we were finally getting somewhere.”

A few days later, Jack and the broker contacted SaskaSteel to go over everything. It revealed many of the same issues found in the previous reports, but this time Joseph and Carmen weren’t on their own.

“Jack guided us through the entire report,” Joseph explained. “A lot of it was over my head, but he assisted Carmen with basic updates. It turns out, our recurring issues were minor glitches in our network settings—a simple fix once explained. The kicker? Jack identified three unnecessary ‘must fix’ issues that didn’t even apply to us. We wasted so much time stressing over them.”

Jack’s patient guidance and expertise proved invaluable as they navigated through the report and resolved cybersecurity vulnerabilities that had previously gone unnoticed. Open desktop ports were closed, and the team advised Carmen on ways to improve endpoint protection for the company’s various computers and devices.

Within a week SaskaSteel emerged with a clean bill of cyber health and BOXX offered Joseph a comprehensive and affordable cyber insurance package to take to the CEO.

“I was blown away by how much work Jack and the team put in before we signed on as clients,” Joseph noted. “It’s how we do things here – people over paperwork. I have a lot of respect for how BOXX does business.”