A joint report from Federation of European Risk Management Associations (FERMA) and its industry partners, which examines how Europe can be the driving force towards cyber resilience, was recently published earlier this month.
The report was produced in partnership with leading industry players including Allianz Global Corporate & Specialty, AXA XL, HDI Global, Howden, Lloyd’s Insurance Company (Europe), Marsh, and Munich Re.
According to Scott Sayce, Global Head of Cyber from Allianz Global, Corporate and Specialty (AGCS), there are three underlying themes that are clearly demonstrated throughout the report: partnership, innovation, and talent.
When reflecting on innovation, Sayce explains that across the space of 25 years, the industry has innovated with cyber faster than any other lines of business. However, despite this, he states that this does not mean that it’s “now time to sit back.”
“We have to continue to look for new solutions,” he said. “Listening to customers, looking at new technology that’s coming out and how to address and utilise it. New technology can have risks but it can also have great benefits as well, so we have to embrace that.”
Describing partnership, Sayce said: “Partnership consists of within cyber and cyber risk, customer, insurer, reinsurer, broker services, all the various cybersecurity elements that play a part in that to really come up with and identify and look for the path to ensure stability for all sides of clients.
“Not just an SME, not just a large corporate, not just a mid-corporate, but all people that are exposed to and potentially exposed to a cyber risk event.”
In addition, Sayce went on to describe talent as the “one key element” that pulls all elements together, citing the talent that sits within the cyber insurance industry and how it pulls in a variety of industry professionals within cybersecurity in order to help customers on their paths.
He continued: “We also have to look at the growing demand of cybersecurity professionals across the wider economic landscape. Because, over the past eight years, unfilled cybersecurity jobs have grown by over 300%, and that’s something that we need to address.”
