If comments from the ‘Class of 2018’ who took part in the cyber training programme by Hiscox London Market are anything to go by, it looks like the first edition of the annual course has made a mark.
“The Hiscox cyber training programme provided a comprehensive insight into issues surrounding cyber security and risk,” said Lockton’s Liam Brown. “The wide scope of knowledge gained really made the programme stand out in terms of training received.”
Participated in by 25 brokers, the inaugural course featured seven interactive sessions aimed at preparing young executives for the expected rapid growth in cyber insurance. Among the areas tackled was cyber business interruption coverage, as well as how underwriters price exposures and avoid high accumulations of risk.
Commending the programme, JLT’s Ben Geffen said: “It was unique in that it focused on what goes on behind the scenes when assessing a risk as well as allowing brokers to network with others at similar points in their career.”
James Bullock-Webster of Paragon called it “a must-attend course.”
For Hiscox London Market cyber line underwriter Matt Webb, the programme is an investment in the future. He cited the need for better education in order to ensure the cyber market’s sustainable growth and to bring through fresh talent.
“Cyber is now one of the biggest threats organisations face, but many admit they don’t know how to manage it well,” said Webb. “Nearly three-quarters of the organisations we surveyed in our recent Cyber Readiness Report failed our cyber readiness test, so collectively we can help more companies progress from being cyber ‘novices’ to ‘experts’ and better prepare them for the cyber risk.”
Hiscox offers cyber-specific products direct to consumers through its retail businesses in the UK, as well as to organisations, big and small, via brokers and carriers through its UK, European, US, London Market, and reinsurance operations.