“There’s been tremendous growth in the number and complexity of cyber attacks that take place.” – Gary Sullivan
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We’re all living physical and digital lives.
And for insurance, this means we must be covered in both worlds. For the physical, we have our traditional insurance models—property, life, car, etc. But now, with so much of our information inside computers and in the cloud, we must also seek out cyber insurance.
On today’s episode of FNO: InsureTech, we are joined by Gary Sullivan to discuss cyber insurance. Gary Sullivan is Assistant Professor of the F. W. Hirt Erie Insurance Risk Management Program at Mercyhurst University. Previously, he was the Vice President of Property & Subrogation Claims for Erie Insurance.
Tune in to this episode to hear Gary’s insights from cybersecurity to blockchain technology to the evolution of drones inside the insurance industry.
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The FNO: Tips
- Insurance companies have 2 concerns when it comes to cyber:
- Protecting data just like any other company
- A marketing opportunity when offering cyber insurance
- The current job market is very hot right now for all types of insurance professionals
- There is a gaping hole in claims knowledge in the cybersecurity insurance space
- Most recent reports estimate cyber insurance as a $200 billion industry
- There are 5 types of cyber attacks:
- Fishing: Emails sent under the guise of someone in the organization asking for link-clicks
- Ransomware: when the system is taken hostage and you have to pay to have it be released
- Cryptojacking: when blockchain miners steal computing power
- Nation-state threats: when other countries initiate cyber attacks
- Insider threats: when employees of the organization—willingly or unwillingly—undermine the organization
- Blockchain is an immutable ledger that enables transparent, security, and anonymous transactions
- Vendors must develop rapport with the decision-makers, relationships are the highest priority
- This next generation is ideally situated to be in the insurance industry: they’re competitive, pragmatic, racially diverse, and tend to learn information fast
- The drone story continues to evolve, but it’s still well within the parameters of being safe and cost-effective.
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