Insurance professionals cyber risk knowledge gap exposed by survey

Cyber-risk-knowledge-gap-exposed

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.”

Authored by the Chartered Insurance Institute

CLICK HERE TO SIGN UP FOR OUR
FREE BI-WEEKLY NEWSLETTER

About CII

The Chartered Insurance Institute (CII), the leading professional body for the global financial services profession, exists to promote higher standards of integrity, technical competence and business capability.

With over 115,000 members in more than 150 countries, the CII is the world's largest professional body dedicated to insurance and financial services.

Our membership covers all disciplines within the insurance industry (claims, broking, underwriting), those working in the life and pensions sector, the mortgage advice market and financial advisers (under the Personal Finance Society brand).

Our Royal Charter requires us "to secure and justify the confidence of the public" in our members and in the insurance and financial services sector.

Latest video

The Chartered Insurance Institute - The value of membership

Membership of The Chartered Insurance Institute offers so much more than you might think.Watch their video to understand the wide range of benefits you get from being a... click here for more