Cyber Insurance: Increased requirements for specialist staff

Exchange Street Senior Consultant Steve Helman has been recruiting Loss Adjusting and Claims professionals for over 10 years. This month Steve takes a look the growth of the cyber insurance sector.

 

Like other industries and business sectors, the insurance market is not immune to the disruption caused by the steady advances in technology. Over the next few years, we will see the introduction and increase of services for new customer requirements and the adoption of techniques to improve data. One of the major trends will be the increased prevalence of cyber insurance.

The news is awash with stories of hacking – Sony, Yahoo, Talk Talk and Ashley Madison have all been high profile corporate victims and they experienced massive reputational damage along with the compromise of their customers’ data. As businesses struggle to cope with cyber-attacks, it is becoming increasingly apparent that, even with the best defences in place, a breach can still occur. Since it is impossible to completely eliminate the risk, the next best option for companies to insure themselves against the risk.

Claims professionals dealing with cyber insurance will typically have a degree in computer engineering, computer science, information security etc as well as experience of international / cross border cyber incidents. This will give them the technical background to understand the complex issues as well as the forensic investigation skills required to deal with the various aspects of cover (intellectual property theft, business interruption, data / software loss, extortion, cyber crime / fraud, network failure liability, impact on reputation and physical asset damage).

Cyber insurance is going to keep growing as more providers begin to offer cover and the demand for claims staff and loss adjusters who have the capability to investigate and handle losses will grow with it. Increasingly, in order to serve this demand claims professionals of the future will need to gain extra skills and knowledge in subjects such as computer engineering.

 

As a specialist in claims and loss adjusting recruitment, we welcome applications from experienced industry professional who wish to discuss the options that may be available to them. All calls are treated in the utmost confidence and Exchange Street only approaches potential employers when our candidates instruct us to do so. For further information on how we may be able to help you please contact Steve in our London office on 0203 376 6659 or email him at sh@www.exchange-street.co.uk