Executive SummaryWhat can carriers and clients alike do about the ever-growing increase in cyber risks? Both should boost security awareness, preventative actions and vigilance along with employee training, writes Eric Cernak, VP of U.S. Cyber, and Privacy Risk Practice Leader for Munich Re's Hartford Steam Boiler. He also recommends that carriers get their own processes around cybersecurity in shape so they can credibly write the coverage for others.
Business owners, particularly those with small-to-medium-size businesses, often think of cyber risks as an information technology problem, not a management problem. They believe their IT staff or outsourced vendors can cover the exposures or respond effectively to a cyber attack or data breach.
They are wrong.
Sound cyber protection—for insureds and insurance carriers—starts with a commitment from management, which must create a culture of security awareness. And that requires employee training and engagement, preventive actions and continual vigilance.
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