Hack Day: The role of the broker in preventing a cyber attack

The essential role of the broker

Our webinar session highlighted how important the broker’s role is in ensuring clients are protected from cyber threats.

Give us the tools to educate our clients on the range of threats they face was the message to insurers from the brokers in the live webinar looking at ‘The essential role of the broker in preventing cyber attack’.

Getting the engagement of the client is key but not easy, said Mark Bennett, CEO of the Bennett Christmas Group of Companies: “We need to be able to help them calculate potential loss and show them what their potential exposure is… I am not a great fan of adding cyber to other policies as you don’t get the right coverage”.

He highlighted a problem that all the panellists agreed needs to be addressed: “One problem is that we all call the same things by different names”.

Ian Bird, director, solutions architects Europe, Middle East & Africa at Cyence, said there was a significant “knowledge gap” among SMEs when it came to cyber risks and agreed that it was not helped by the terminology insurers use: “If you are going to blind the customers by the questions you are asking them to answer how on earth are you going to get them to understand the different covers that are available?”.

Peter Goddard, managing director of Daulby Read Insurance Brokers, said clients “can be left in limbo” because “the forms are hard to complete if you are not an IT specialist”.

The education of clients must focus on the risks they face, said Goddard. “There are real risks around legacy systems and old programs with out-of-date patches. As soon as you have an unpatched program you have an open door”.

Changing the internal culture of firms is an area that still needs a lot of work, said Bird: “It has everything to do with the behaviour of organisations”.

Aviva’s head of regional broker sales, Michael Greenland, said insurers were on board with the need to help get the right information in the hands of clients: “It is about educating clients about the small things that can go wrong as well as reminding them of the bigger risks”.

Panellists

Peter Goddard, Managing Director, Daulby Read Insurance Brokers
Michael Greenland, Head of Regional Broker Sales, Aviva
Mark Bennett, CEO, Bennett Christmas Group
Ian Bird, Director, Solutions Architects Europe, Middle East & Africa, Cyen

This session was moderated by Sian Barton, Editor, Insurance Age

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