Hiscox London Market recently hosted its first cyber training programme, designed to help brokers in the early stages of their cyber careers gain a better understanding of the fast-moving digital threats and how organisations and insurers can manage those risks.
The programme, which was attended by 25 brokers, consisted of seven interactive sessions and is designed to bring to life the challenges facing companies, brokers and underwriters.
Sessions included witnessing first-hand how a cyber attack can unfold with David Navetta, Vice Chair of Cooley’s cyber/data/privacy practice; understanding cyber business interruption coverage with Ben Hobby, Partner at RGL Forensics; as well as sessions on how underwriters price exposures and avoid high accumulations of risk. The course culminated in a challenge to test their new skills by pricing a ‘sample’ cyber risk and answering questions on their decisions from a panel of experts, including Hiscox Cyber Line Underwriter Matt Webb.
Webb says: “Cyber is now one of the biggest threats organisations face, but many admit they don’t know how to manage it well. Nearly three-quarters of the organisations we surveyed in our recent Cyber Readiness Report failed our cyber readiness test, so collectively we can help more companies progress from being cyber ‘novices’ to ‘experts’ and better prepare them for the cyber risk.”
The annual course is also aimed at helping ensure that a pipeline of young professionals is in place to cope with the expected rapid growth in cyber insurance, which is forecast to grow 25% each year to over $37 billion by 2027, according to research by Visiongain. “Better education is needed to ensure the cyber market’s sustainable growth and to bring through fresh new talent. We see this course as an investment in the future,” adds Webb.
The programme’s ‘Class of 2018’ praised the course:
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“The Hiscox Cyber Training Programme provided a comprehensive insight into issues surrounding cyber security and risk. The wide scope of knowledge gained really made the programme stand out in terms of training received.” – Liam Brown, Lockton
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“It was unique in that it focused on what goes on behind the scenes when assessing a risk as well as allowing brokers to network with others at similar points in their career.” – Ben Geffen, JLT
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“If you want to deepen your knowledge, then Hiscox’s Cyber Training Programme is a must-attend course.” – James Bullock-Webster, Paragon
Hiscox has been writing cyber insurance since the late 1990s and now sells cyber-specific products direct to consumers through its retail businesses in the UK, and via brokers and carriers through its UK, European, US, London Market and reinsurance operations to organisations of all sizes – from entrepreneurs to multinationals.
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