As brokers, selling cyber insurance presents unique challenges. While we regularly hear about cyber attacks and data breaches in the news, the average business owner is often not well versed in the latest cyber security intel. As the industry faces new threats on a regular basis, cyber security efforts advance and rules and regulations are revised, making the cyber insurance industry volatile. Brokers have to act as their clients’ cyber security specialist in order to help them find the right coverage to protect them against these imminent threats.
The complexity of the cyber insurance industry is a challenge for brokers. Many brokers need to focus on how to better understand cyber security in general in order to best serve their clients who are in need of a cyber insurance policy.
What Are the Skills Required for Cyber Security?
These four cyber security specialist skills help brokers stay current within the cyber market, provide the most up-to-date guidance to their clients, and help their clients in finding the best possible cyber insurance policy to fit their specific needs.
1. Attention to Detail
Cyber attacks often rely on human error. Paying attention to small, red flags, such as spelling errors, strange attachments, and unusual correspondence from companies can prevent a substantial cyber attack.
It’s important to understand how incidents occur and what vulnerabilities can lead to a breach in order to make smart choices to prevent them.
The cyber market is extremely unpredictable and can change drastically from day-to-day. Cyber specialists have to be comfortable and able to quickly respond in this fickle environment.
4. Desire to Learn
As the market constantly evolves, cyber specialists have to work to consistently stay up to date with the latest in cyber threats, security measures, and rules and regulations.
How Do I Become a Cyber Security Expert?
Brokers have an important role and will find they have to be both a cyber insurance and cyber security specialist.
It can be difficult to convince certain clients that they need cyber insurance, but this coverage couldn’t be more important in today’s climate. Many business owners don’t realize they’re a potential target, while others don’t understand the extent of the damages associated with an attack. However, this coverage is an investment in the future of every organization that utilizes technology.
As a cyber security insurance specialist, you’ll be able to offer your clients the protection they deserve. Here’s how to get started:
1. Educate Your Clients (and Yourself)
With cyber attacks constantly evolving, education is key. As a cyber specialist, it’s important to be on the lookout for the latest news, threats, and security techniques in the cyber industry so you can best advise your clients. It’s also important that your clients make cyber education and awareness a routine part of their company culture.
2. Understand the Potential Risks of an Attack
While each client has risk, depending on their business practices, the extent of their risk could vary substantially. Some may only collect customer names and email addresses, while others could collect credit card numbers, medical information, or social security numbers. Understanding the extent of their specific risk will allow brokers to help them locate the right amount of coverage for their needs.
3. Stay Current on Cyber Trends
Consistently checking in with federal agencies, such as the FBI or CISA, and signing up for industry newsletters and publications is a good way to consistently have the most current material at your fingertips.
4. Monitor the Ongoing Rules and Regulations
Your clients will have to comply with a number of regulations in order to properly handle sensitive information and data and avoid potential fines, penalties, or third-party claims.
- Payment Card Industry Data Security Standards (PCI-DSS) Regulations
- Health Insurance Portability and Accountability Act (HIPAA) Privacy & Security Rules
- General Data Protection Regulation (GDPR) Rules
- California Consumer Privacy Act (CCPA)
5. Set a Data Breach Response Plan
In protecting your clients from the damages of a cyber attack or breach, a set data breach response plan will help them act quickly and efficiently, should they face an attack. And, allow them to mitigate any potential damages.
6. Protect Your Clients with a Cyber Insurance Policy
This is the single most important cyber security step you can offer your clients. Cyber threats are a common reality for even small businesses and the damages are typically enough to force businesses to close. A cyber policy provides financial protection that will give your clients peace of mind and the support they need, should they suffer an attack.
Protect Your Clients with ProWriters
ProWriters offers brokers FREE resources to educate themselves on cyber security and to help their clients find the best possible coverage, including:
Learn more about the risks your clients face, ways they can reduce their vulnerabilities, and how to sell cyber to provide them with the protection they can rely on.
For more information, contact us, or call us to speak with a ProWriters cyber expert today at 484-321-2335.