Cyber Risk knowledge gap exposed by survey
29 July 2021
10 August 2021
Chartered Insurance Institute
The knowledge gap on cyber insurance could result in mis-selling and poor customer outcomes, rising stars of the underwriting profession have warned.
The Chartered Insurance Institute’s New Generation Underwriting Group surveyed 78 insurance professionals in March and April 2020 and found more than half felt their knowledge of cyber risks was virtually non-existent despite their employer providing cover.
Almost six out of 10 insurance professionals polled said they had not received any training about cyber risk even though they were involved with pricing or underwriting policies related to cyber risks.
Nine out of 10 insurance professionals stated they wanted to learn more about cyber risks, with a quarter wanting online training courses, one in five wishing to attend a webinar, one in five wanted to read a guide and one out of 10 stated they wished to complete a CII unit assessment on this subject.
William Hardie, MGA Portfolio Manager at Blenheim Underwriting, said the poll showed a CII module in cyber insurance would help build professionals’ knowledge and also be a popular elective course.
Matt Connell, Director of Policy and Public Affairs of the CII, said: “The New Generation Group has shown there is a need to address the gap in knowledge about cyber risks.
“As well as improving the signposting of our existing training and guidance on this area, our President’s Forum will examine what more we can do to support the profession meet the needs of consumers and businesses to have cyber cover in place.
“Clearly this is an evolving risk and continuous professional development is needed to ensure knowledge remains up-to-date on this area.”
This document is believed to be accurate but is not intended as a basis of knowledge upon which advice can be given. Neither the author (personal or corporate), the CII group, local institute or Society, or any of the officers or employees of those organisations accept any responsibility for any loss occasioned to any person acting or refraining from action as a result of the data or opinions included in this material. Opinions expressed are those of the author or authors and not necessarily those of the CII group, local institutes, or Societies.