The knowledge gap on cyber insurance could result in mis-selling and poor customer outcomes, rising stars of the underwriting profession have warned.
The CII’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 that 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 stating they wished to complete a CII unit assessment on the 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.