Cyber security continues to be considered a Top 10 risk to organizations of all sizes, according to a recent World Economic Forum survey of North American business leaders. Preventing such threats from doing catastrophic harm to a business requires a comprehensive risk management program, which includes cyber insurance.
The cyber insurance underwriting process is often challenging for distributor and customer alike, as most property and casualty coverages address tangible loss exposures. Cyber security involves protection of intangible assets, like customer data and other confidential personal and corporate information.
In addition, cyber underwriters closely analyze an applicant’s existing cyber security management and infrastructure. This training helps demystify the cyber insurance underwriting process and can help the distributor provide supporting information and documentation that can favorably impact the quality and cost of coverage.
As a result of this training, you will:
- Understand the cyber insurance underwriting process, including information about the applicant’s cyber security policies and protocols.
- Manage the underwriting process to help secure the most favorable coverage at the best possible rate.
- Recognize impediments to effective cyber insurance underwriting that a business may deliberately or inadvertently engage in.
- Learn how to use the National Institute of Standards and Technology (NIST) Framework to facilitate the cyber security underwriting process and achieve optimal outcomes for clients: maximum policy limits and broadest possible coverage terms for the lowest possible price.