How insurers work with cyber experts to help prevent attacks

Although insurance is commonly seen as something that only comes into play after a loss, an increasing emphasis is being placed on pre-loss and prevention strategies – especially when it comes to issues like cybersecurity.

According to John Moore, senior underwriter & financial lines manager at Delta Insurance, New Zealand insurers are increasingly looking to emulate overseas strategies and work with IT security vendors, bringing experts into their organisations and training them to work within insurance. This allows them to build a solid foundation of cybersecurity expertise within their organisation, and develop prevention and management strategies that constantly evolve with the risks.

“Insurers are not IT security experts, that’s not our forte,” Moore told Insurance Business. “Overseas, we see insurers hiring cybersecurity experts to work within their organisations, because it’s actually easier to do that than to teach an insurer about cybersecurity.”

“From our side, it’s also about working with vendors to help insureds at the pre-loss stage,” he…