Brokerslink urged to place knowledge at centre of cyber advice to become number one advisor

To aid this process Mr Hacker explained that his firm is launching a cyber risk academy to help all those across the risk management and transfer chain better understand cyber threats and mitigation. Ed, formerly known as Cooper Gay, is also developing an App that will allows users to run cyber simulations based on Artificial Intelligence (AI) war gaming technology to bring the often intangible threats posed by cyber risk to life. In addition, Brokerslink intends to hold the first global cyber conference for the risk transfer industry next year to tackle this hugely interconnected threat. Addressing delegates at the annual Brokerslink conference in Amsterdam last week, Mr Hacker said cyber risk demands better education and in turn a change of approach from brokers. He argued that the traditional big global broking houses have been approaching cyber risk reactively and pushing products at clients rather than focusing on knowledge and proving the relevance of risk transfer options.hide"Many are coming more from the product approach. Let's put it right," Mr Hacker urged fellow Brokerslink members. "Let's work together, let's bring this forward...Clients don't want to see a product, clients want to see why is this relevant. Relevance can only be created specifically by showing the insight into the threats - which means knowledge. Let us build the knowledge pool, let's present Brokerslink over the next couple of years as the number one advisor for cyber risk, crime and security," he added. He stressed that increasing client awareness over cyber risk is key to better protect businesses and find solutions. "We need to work together and with clients so they better understand qualitatively and quantitatively the risk. They need to understand how insurance and broking advice can provide a sustainable long-term solution and not just a quick buck in the case of a claim, or even disputes in the case of a claim," said Mr Hacker. To help clients, fellow Brokerslink members and even competitors better understand cyber risk, Ed is launching a global cyber academy. "This academy is open. It's open to broking partners, it's open to clients and even competitors to a certain degree. We have nothing to hide, we want to roll the ball and walk the talk," said Mr Hacker. "The academy will not be built around placement of products. It will be built around client awareness and modelling for specific industries. We can advise specifically on an individual sector or country." The academy's ultimate goal is to certify those that pass through its doors as experts in cyber risk, crime and security. "That is the goal we have, and I believe we are well on track," said Mr Hacker. Ed is also developing an App that utilises AI and up to date knowledge on cyber risk to create simulations that help make the threat tangible. Effectively an advanced scenario-planning tool, the app will allow users to run a simulation for bosses, colleagues or clients and take them through a potential cyber hack or incident. It will be able to create generic simulations across over 20 industries while simultaneously allowing for detailed customisation. It will enable users to focus on specific cyber risks such as business interruption or damage to reputation. The user presenting the simulation will only require a few hours of training. Questions for the audience, such as board members, will automatically appear on screen. The App is designed to open the door to discussion on cyber risk. It will also provide information about insurance coverages, pricing and limits. Mr Hacker announced that Brokerslink will organise the first global cyber risk conference for the broking and insurance market next year. "The focus has always been regional but we believe it needs to be global. You can access data in Hong Kong but you might have outsourced into the US. You need to understand the interconnectivities and the overlapping coverages. That means it is all about training and awareness," he said.

Brokerslink urged to place knowledge at centre of cyber advice to become number one advisor

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