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Cyber is one of the fastest growing segments of insurance in North America. It’s very much a buyer’s market, with ample capacity and competitive pricing despite multiple high-profile data breaches and cyberattacks in recent years.
There are ample opportunities for insurance brokers to thrive in the cyber insurance space, as long as they become “true students of the risk,” according to David Derigiotis, corporate vice president and director of professional liability at Burns & Wilcox.
“The cyber insurance market presents both an incredible opportunity for those involved but also great risks, especially for those who don’t have a strong enough understanding of the exposures associated with cyber business,” Derigiotis told Insurance Business. “Brokers need to be true students of the risk, and keep on top of cyber trends and how businesses are investing into and utilizing technology. As technology continues to play a greater role in business, organizations will gain incredible efficiencies, but they will also be exposed to new risks.
“I think it’s really important for…
