The lack of knowledge around cyber insurance could result in mis-selling and poor customer outcomes, according to the CII
More than half of insurance professionals have reported that their knowledge of cyber risks is virtually non-existent, despite their employer providing cyber cover, according to research by the Chartered Insurance Institute (CII).
The CII’s New Generation Underwriting Group surveyed 78 insurance professionals in March and April 2020.
The findings further revealed that almost six out of 10 of those polled said they had not received any training about cyber risks, even though they were involved with pricing or underwriting policies related to these very risks.
The CII group therefore warned that the knowledge gap around cyber insurance could result in mis-selling and poor customer outcomes.
Matt Connell, director of policy and public affairs at the CII, said: “The New Generation Group has shown there is a need to address the gap in knowledge about cyber risks.
“As well as improving the signposting of our existing training and guidance on this area, our President’s Forum will examine what more we can do to support the profession [and] meet the needs of consumers and businesses to have cyber cover in place.
“Clearly this is an evolving risk and continuous professional development is needed to ensure knowledge remains up to date on this area.”
In the survey, nine out of 10 respondents stated they wanted to learn more about cyber risks, with a quarter wanting online training courses.
One in five wished to attend a webinar, one in five wanted to read a guide and one in 10 preferred to complete a CII unit assessment on this subject.
William Hardie, MGA portfolio manager at Blenheim Underwriting, said the poll showed a CII module in cyber insurance would help build professionals’ knowledge and be a popular elective course.