Risk managers are very concerned about the cyber risks facing their companies and are heavily investing in protection against cyber attacks with the blessings of their boards and CEOs, a major shift from even just 10 years ago when convincing a company to worry about cyber was a big challenge for risk managers.
However, the new challenges for them include getting the right coverage from the insurance market and ensuring their companies have enough coverage in the event of a major breach, three risk managers on a recent panel at Advisen’s Cyber Risk Conference in San Francisco said.
Jimmy Kirtland, vice president of Voya Financial, said in the early 2000s, convincing CEOs or CIOs to consider cyber insurance or put proper cyber controls in place was a battle, but that is no longer the case.
“I have become our CIO’s best friend because I am protecting what he is protecting,” he said.
I’m just never sure I have the coverage that I need; that always concerns me.
The cyber insurance buying process between risk managers and the industry has also improved as the cyber market has matured.
“The quality of the questions and the quality of the discussions between the…
