So, you want to be a Cyber Risk Manager?
Updated: Nov 24, 2020
I'm a huge fan of agents improving their positions to true risk management. A true risk manager has deep insurance coverage knowledge (being a risk manager without deep coverage knowledge is completely oxymoronic -- but people feel good anyway). The exception to my being a fan of agents improving their knowledge to risk manager status is with regard to the cyber world. That world is far beyond the technical and technological facilities of 99.9% of insurance distributors. It is a field in which true third-party cyber risk managers are the only risk management solution.
Third-party risk managers are important for many reasons including their tools, knowledge, legal responsibilities, and so forth. Another reason they are important is to verify if your IT Person or your client's IT Person is correct in his or her assurances that everything is totally secure and no one, not even the Russians or Chinese, can or would even consider breaking into your system, much less petty hackers. The IT Person often has no idea if this is true and is simply being defensive in his/her protestations against hiring a third-party. A good IT Person will welcome third-party verification.
Another reason to hire third-parties are the technical tools and knowledge they possess. Here are four articles regarding that knowledge and technical capabilities from just one fairly well-known cyber security third-party firm:
1. RiskSense FightRansomware for all of our information on preventive approaches to ransomware.
3. HelpNet Security Article: RiskSense Ransomware Dashboard automatically reveals exposure to specific attacks.
4. Journal of Cyber Policy Article: RiskSense Tells Organizations If And Where They Are Vulnerable To Attacks From Specific Ransomware Strains.
These resources are incredibly valuable to your clients and your willingness to share the limelight by bringing in quality advisors lets them know you are putting them first. This lends credibility to their need to purchase quality cyber insurance. You polish your reputation, increase sales, and protect your client through quality risk management and quality insurance -- which is what true top risk managers always do anyway.
NOTE: The information provided herein is intended for educational and informational purposes only and it represents only the views of the authors. It is not a recommendation that a particular course of action be followed. Burand Insurance Education, Burand & Associates, LLC and Chris Burand assume, and will have, no responsibility for liability or damage which may result from the use of any of this information.