Cracking the Cube

Hiscox’s cyber team challenge Lloyd’s brokers to ‘Crack the Cube’ to mark the launch of its new CyberClear365 product.

World famous for its traditional underwriting boxes, the Lloyd’s trading floor played host to a very different type of box on the 29 May as brokers were invited to ‘Crack the Cube’ at a first of its kind experiential marketing event, promoting Hiscox’s cyber risk research and the launch of its innovative cyber insurance – CyberClear365.

The LED illuminated Cube, sited next to Lloyd’s iconic Lutine Bell, featured three gaming stations where participants went up against the clock to test their cyber security knowledge, with the prize for the top scorer at the end of the day a trip for two to Las Vegas – the home of DEF CON, one of the world’s largest hacking conferences.

On hand at the Cube to greet brokers, and have a crack at the games himself, Hiscox’s CEO – Bronek Masojada, said: “I’ve never seen a structure like this in Lloyd’s. I think it’s great to have the Cube behind us right next to the Lutine Bell. It reminds us that insurance is about learning from the past but also looking to the future. Looking at the engagement and the competitiveness, I think everyone that goes in there is a bit trepidatious but ready to experience it and they all come out having learnt something.”

Interactive challenge

The three games housed in the Cube were designed to test cyber security knowledge; identify phishing emails; and test for password security. Produced especially for the event, Hiscox worked in partnership with Immersive Labs – the world’s first fully interactive, on-demand, and gamified cyber skills platform – to develop the games to bring to life Hiscox’s cyber risk research. “The games are interactive,” said Matt Webb, Cyber Line Underwriter, Hiscox London Market, “they really bring to life how we can give cyber training through gamification. From our perspective when we’re underwriting risks, we probably put 50% on the technology deployed and 50% on the people, processes, and culture so one of the areas we really zoom in on is the training that employees go through. We find that 70% of breaches and intrusions come in via employees so it’s really important to build the human firewall. Gamifying the training can communicate the message without the employees really realising they’re learning to be that human firewall.”

In total, 150 participants attempted to Crack the Cube. Among the answers given, the statement most accurately identified as being correct was: "The percentage of enterprise organisations being targeted [by cyber criminals] rose from 69% to 74%." The statement that tripped people up the most was: "Cyber security spending is up 56%." The correct answer, using figures from the Hiscox Cyber Readiness Report 2019, was 24%. The most incorrectly identified phishing email was the Microsoft unusual sign-in activity email (pictured). 

Launching CyberClear365

In addition to generating a buzz on the trading floor, the Cube event also showcased the launch of Hiscox’s CyberClear365 product. Kate Markham, CEO for Hiscox London Market said: “The CyberClear365 product is innovative in so many ways but the clue is in the name, it’s the 365 component of it; its all round cover in the education, the awareness and the risk mitigation services that are all included up front but then a really comprehensive, simple insurance policy.”

“[With CyberClear365] we’ve really focused in on three areas, to provide a broad, clear, unambiguous policy wording; to make it easy for our customers to bring a claim so they’re clear on what’s covered; and finally, to give them risk management support,” concluded Webb.

Watch the film of the day as Lloyd’s brokers attempted to ‘Crack the Cube’.

 

 

 

 

 

 

Tags: Cyber risk

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