Super-charging take-up of cyber insurance

In the latest episode of the Insurance Post Podcast, titled Super-charging take-up of cyber insurance, Ridley, head of cyber at Aviva, said the market is already doing the right things to increase the amount of people taking this cover but “we need to double down on that.”

He said: “The amount of training material and literature we have put out to customers is really good but how can we make more of that? How can we make things as easy as possible for customers to engage with?

“We are on the right track – it is just doing it even more.”

Chris Lennon, director of sales and development for Specialist Risk Group, said education was key to more companies understanding the level of risk they face from criminals and purchasing cyber cover.

Lennon said: “This isn’t something we should just be leaving to the Millennials or Gen Zs in our business to try and articulate. We’ve all got a duty to understand this and best advise our clients.”

Hans Allnutt, who leads DAC Beachcroft’s cyber risk and breach response team, said to increase take-up of this cover providers and brokers need to put the customer first as that will see businesses that have been through the claims process gradually become more public about their positive interaction with insurers.

He said: “It is a crisis response product and as a lawyer, 10 to 20 years ago as a commercial litigator, under liability insurance programmes you didn’t often get thanked because ultimately someone is getting sued and you are there to reduce the exposure.

“As a breach response lawyer for the last 10 to 15 years the number of positive recommendations, feedback and thanks that we, in our team, have had is off the scale because you are parachuted in that day, of an incident, and you are helping someone who has not gone through that process before.

“It [cyber insurance] is a customer-focused product. We need to emphasise the service element of the insurance product and that it is there to support those policyholders who experience those incidents.”

During the podcast the trio also consider the role of cyber risk scenario analysis in helping companies understand their exposure, how this type of insurance is evolving plus the protective measures businesses can take to avoid an attack.

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