BIBA is a great opportunity to catch up on the latest trends in the broking sector and one area where SMEs are starting to look for more bespoke cover options is cyber. The thing is, no two companies are the same. Regional locations, specialised markets, lines of business, software systems on stock control, wages, marketing and more can all vary greatly. Some have an in-house IT departments, some don’t – so one size often doesn’t fit all.
IE caught up with Emmanuelle Koob-Drouineau, Broker Sales Manager at CyberCube, to find out more.
IE: How does demand for cyber insurance vary between the UK and other regions?
EKD; So CyberCube has grown fast from its US origins and now we are seeing strong interest in cyber protection from all across the world, Singapore, Australia, India, US, EU, the middle east and more. Of course as economies become digital there is a need to deal with cyber threats in every sector.
IE You mentioned India it’s interesting that IRDAI opened the market there 5 years ago and has a sandbox approach for insurtechs and new brands, which is brilliant. But that opens the door to hackers as India’s insurance market moves away from local agents and paper policies.
EKD; Exactly, in many ways India is on a steep learning curve, both agents and underwriters, there are always new threats emerging, new digital payments systems and companies have to learn skills in a holistic way to develop the best cyber defences. In fact we can help brokers who might have found a client that failed to qualify for cyber cover in the past, but with help, they can improve their processes and security, so then become eligible for cyber insurance.
IE; Sort of like improving your credit score?
EKD; Yes that’s true, we think that education is one of the most important things that UK brokers can offer. At present there is still quite low penetration when it comes to cyber insurance, with less than 1 in 5 (17%) 10-15% of UK SMEs typically taking out cover. Everyone thinks it won’t happen, or they don’t have enough staff to deal with an incident, but it can be done and this is where brokers have a really important role to play.
IE CyberCube is expanding rapidly, is BIBA a good chance to meet new clients and gauge the marketplace?
EKD; Yes it’s a huge show, a really important meeting place for so many companies in insurance and all the supplier partners. CyberCube now has over 100 clients around the globe, so this is a good opportunity to meet up and share knowledge. A key product here has been our Broking Manager tool, which has four key themes or questions that brokers can utilise to assess a potential client on cyber cover. It includes things like incident preparation, financial loss modelling, risk transfer benchmarking, company threat exposure rating and more, so it’s a great place to explain the details to our broker partners and why it is so important to choose a cyber partner that can offer expertise on threats and the best forms of defence too.
IE; Cyber is going to grow isn’t it, as supply chain vulnerabilities, or autonomous vehicles being remotely controlled become more common risks as the digital economy develops inthe next decade?
EKD; For sure cyber attacks are the number one risk in daily business life for every company, large or small right now. We see the threats evolving as the tech develops in each sector; payments, ID, supply chains, vehicles etc. The same principles underpin the protection; improving your security practices, identifying threats quickly and having protocols in place to deal with incidents effectively and get back to doing business.
IE Interesting to learn more, thanks for your time.
Be the first to comment