In this episode of The BIBA Pod Sarah chats to Jack Bassett, Lockton and Tom Bennett, CFC about cyber including, its impact currently and in the future on the insurance industry. They go into detail about the Metaverse and NFT’s and how they could affect customer policies. They also discuss how SMEs can protect themselves from ransomware attacks. Additionally they talk about future trends in cyber and insurance.
Come and see Lockton and CFC at The BIBA Conference 2023 where they will be exhibiting!
Quotes of the Episode
“Utilise insurer resources, I don’t think there’s any insurer in the market that won’t help a broker, if a they have a question on cyber. I think one thing that I’ve noticed, over the past six or seven years has been that there is a lot more information coming out, it is becoming a lot more simplified for want of a better word and it’s easier to digest and break down. Because we can often use a lot of jargon and complexities when we’re talking about coverage. I think there’s a lot of insurers that are doing great work around that to assist brokers. So I would advise you to reach out to underwriters for a coffee anytime and I’m sure the conversation would be there.” Jack Bassett
“I think it’s probably going to be problematic for the insurance industry looking to ensure NFT’s because how can you value a NFT? When the values people are selling it for, are so often fraudulently inflated and are basically scams but looking like something that’s indistinguishable from a legitimate transaction. There’s definitely scope for insurance around the marketplaces who are tech companies at heart and in many ways that they operate similar to more vanilla companies who aren’t using such new technology. But I think insurance for NFT seems a bit scary, would be my opinion!” Tom Bennett
Recommendations for SMEs on how to protect themselves in the cyber landscape and why employees are one of the best ways to do that.
Jack and Tom’s opinion on the Metaverse and NFTs and what their longevity means for the insurance industry.
About the Guests
Jack has a range of experience across financial lines managing client relations, client accounts and placement strategies for firms delivering professional services. His experience has seen him support clients in matters of complex insurance programme design and placement, including advisory on information security controls and insurer expectation. Following 6 years in the market, Jack is currently working across the Lockton ProFin division; specialising in Cyber Security and Technology risk management, whilst also featuring as a member of the BIBA Cyber Committee.
As the leader of Cyber Threat Analysis at CFC, Tom manages the team responsible for proactive investigations into customer compromises. The team also researches emerging cyber threats that policyholders might have exposure to, working with the Incident Response team to tackle the causes of insurance claims. Prior to CFC, Tom worked in Cyber Crime Special Operations with a Regional Organised Crime Unit.
About the Host
Sarah Myerscough is the Sales and Marketing Director of Boston Tullis Group. The founder of The Insurance Brokers Podcast, she brings a wealth of experience and a fresh perspective on communication in the insurance sector. Boston Tullis works with insurance professionals to build effective communication both internally and externally through podcasting, event reporting, videography, and internal communications facilitation.