Having worked in the space for a while, I find that explaining cyber risk can be more challenging than it should be, especially for those who are unfamiliar with cyber-related concepts. I think the word “cyber” alone can be intimidating and can cause some conversations to start with an uphill battle. However, I have also found that grounding cyber risk concepts in everyday analogies and teaming up with various domain experts to explain cyber risk can help the conversation.
I recently joined one of my Broking Manager clients on a presentation for their customer base on how they are taking a data-driven approach to cyber risk and cyber insurance. For context, this client has been a great partner for us, giving us feedback and helping us develop a product that is built for purpose, intuitive and overall easy to use. So, when I received the request to join them in a webinar for their clients, I was eager to step up and help.
Joining forces, and combining our respective knowledge of cyber risk, cyber insurance placement, cyber insurance purchasing and benchmarking, and cyber modelling, we were able to deliver a confident message that demonstrates the unique value proposition of our client. We highlighted how they are using data-driven insights and benchmarking that cannot be found elsewhere, while instilling confidence in the data and analytics they are relying upon.
As a cyber data and analytics company, CyberCube is able to help brokers in their quest to deliver value to insurance-buying customers and prospects, by offering a new tool, Broking Manager. It provides risk insights that can both quantify risk and benchmark exposure for individual organizations.
We spent a tremendous amount of time going to and speaking with brokerages to understand the dynamics that exist within their organizations. We realised we needed to develop and build a tool that works both for those that are well versed in cyber risk as well as those who may not be as familiar. Through regular customer feedback and a continued collaborative approach, we will continue to enhance our offering for Broking Manager, and will continue to aid brokers in their quest.