With cyberattacks and hacks splashing front pages across the country, 80% of commercial insurers see cyber insurance as a "major growth area" for the sector this year, according to Insurance Information Institute polling. And, many have a secret weapon in the race to identify where corporations face vulnerabilities and how to patch them: Their own internal IT staff and information security teams.
Thomas Dunbar, chief information risk officer at XL Group, said he shared his experience to help support underwriters when the company first started to sell cyber insurance. Beginning with the U.S. underwriters, and later with their European counterparts, Dunbar’s team applied its understanding of breaches and security programs within XL to create more in-depth underwriting questionnaires for customers.
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