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August 13, 2019updated 15 Aug 2019 11:30am

Ecclesiastical unveils cyber scenario planner for insurance brokers

Ecclesiastical Insurance has rolled out a cyber scenario planner that enables brokers to sell cyber cover in the education sector.

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The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
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  • Prepare for how regulation will impact cyber insurance over the next few years.
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by GlobalData
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Available free of cost, the new solution has been designed to provide required support to brokers to help them overcome the barriers in selling the cyber cover.

The cyber scenario planner is available in three parts. Using the first part, the brokers will help the organisation to recognise the looming cyber threats. It will support a conversation between the broker and client about who, what and how a threat could arise.

The second part empowers brokers to discuss risks associated with those threats. It shows how the organisations can address those risks.

The planner will also enable users to work out the risks identified and assess them against various factors including potential costs, frequency and severity.

Through the map, the clients can gain a full picture of the cyber threats they currently face, what they have in place to manage them and what they can do in addition to boost their risk management.

Ecclesiastical education niche director Faith Kitchen said: “As a specialist insurer with in-depth knowledge of our customer base, it is important that we work with brokers to ensure that we provide solutions that meet the needs of the sector.

“The explosion in technology and move to greater connectivity has seen a significant rise in those looking to exploit the technology for financial gain and schools are not immune to this activity.

“We know that cyber crime is a big concern. Our own research shows that 68% of the education sector and more than three-quarters (77%) of independent schools see cyber as a high risk. So it is important that we equip our broker partners with the tools to help their clients identify and manage them.”

Though the planner has been designed for the education sector, it can be used by other sectors as well.

Free Report
img

What will drive the cyber insurance market over the next 3 years?

The global cyber insurance market was worth $7bn in gross written premiums (GWP) in 2020. It will reach $20.6bn by 2025, as the market will continue to thrive post-COVID-19. Our recent report on Cyber Insurance reveals that cybersecurity was thrust into the spotlight in 2020 as COVID-19 forced businesses to digitize their processes and adopt remote working practices overnight. The pandemic also presented an opportunity for cybercriminals to exploit global panic, with a surge in cyberattacks occurring in 2020. The need for cyber insurance is apparent, but the market is not as easy to navigate as it once was. Use our report to guide and help you to:
  • Benchmark yourself against the rest of the market.
  • Ensure you remain competitive as new innovations and insurance models begin to enter the fray.
  • Prepare for how regulation will impact cyber insurance over the next few years.
Download the full report to understand what to expect and how to align your business for success.
by GlobalData
Enter your details here to receive your free Report.

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