What is Cyber Liability Insurance? (1)

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Cyber liability insurance

• Challenges and Solutions for Insurance Agents

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Introduction

• The purpose of this presentation is to inform
  insurance agents of the challenges that come with
  selling cyber liability insurance and their
  solutions.
• The main 3 challenges are
• Fluctuating prices
• Technological advancements
• Change in legal infrastructure

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Fluctuating prices - Challenge

• Many insurers do not have the experience in
  offering adequate cyber insurance policies.
• Agents have to estimate the extent of loss and
  underwriting the business interruptions caused by
  cyber liabilities.
• However, price uncertainties are a huge challenge
  for agents when consulting with clients.

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Fluctuating prices - Solution

• Understand your customers business scale
• Analyze the potential parties at risk
• Discuss your clients priorities
• Scan through the market to identify the insurers
  that provide the best possible solution

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Technological advancements - Challenge

• Smart technologies are a growing way of life
  today.
• There are emerging cyber risks brought about by
  ever-evolving technologies.
• With the evolving technologies, cyber risks, and
  insurance needs, it is a challenge for agents to
  keep up with the updates and changes.

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Technological advancements - Solution

• Stay updated on the emerging cyber risks posed by
  technologies.
• Engage yourself in platforms that can identify
  and analyze these risks.
• Join an insurance aggregator.
• Create just the perfect policies for your
  clients.

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Change in legal infrastructure - Challenge

• Legal provisions and policies for cybersecurity
  keep changing on an as-needed basis.
• Increasing penalties for computer crimes
• Regulating cyber security in the insurance
  industry
• Implementing training to make incidence response
  more prompt and better
• Pay extra attention to specific cyber-crimes

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Change in legal infrastructure - Solution

• Agents must understand how the cybersecurity
  reforms fit in to control the emerging cyber
  risks.

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Conclusion

• For fluctuating prices, try your best to keep in
  contact with the insurer as well as your client.
• For technological advancements, get all the
  needed information from your clients about their
  operations and future plans.
• For legal infrastructure changes, stay updated
  with insurance news by following news sites and
  legal blogs.

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