Requirements on what is needed to purchase cyber policies is shifting the business behaviour of broker clients.
This was according to Lyndsey Bauer, partner at Paragon International Insurance Brokers, speaking at the Insurance Times Cyber Insight event yesterday.
Discussing how best to inform and engage broker clients in a panel on cybercrime and social engineering, Bauer said the market was doing a good job at pushing forward best practices. She said this was having an impact on how customers were managing their cyber risk.
“It’s a really interesting and exciting place for insurance to be at, probably for the first time since seat belts, where insurance can really, through what it will and won’t cover and through the questions they’re asking, influence behaviour,” she said.
And Bauer added that this behaviour shift was going beyond technical security.
“You now need to have a risk management culture in place,” she said. “If someone gets a phone call they can’t just send them the money.
“There should be dual controls in place. You have to start taking things offline and do things on a less computer-based basis.
“We’re watching this cultural shift, and…
