When you think of cybercrime, online crime, e-crime or i-crime, are your first thoughts the same as mine? A small band of hacking criminals in a dark room with lots of snacks and energy drinks, going after major banks and multinational corporations that are worth more than 50% of the world’s population?
Or have I watched too much TV and in fact cybercrime can be undertaken by differing groups or individuals for profit or just to harm others?
On a cool, drizzly day in January 2017, I had the pleasure of being an invited guest at the Federation of Agricultural Brokers training event in Manchester to learn more about cybercrime and insurance products around it.
The first speaker at the event was Rhys Cook from AXA Connect, the online trading team for AXA Commercial insurance (which includes the AXA MLP with rradar) who talked the 40 plus brokers in attendance through the online offering from AXA and how they can trade online but with real underwriters able to make decisions via telephone or live chat. This gave us an example of how and why online is growing in the insurance market for brokers but also posed the question of whether the brokers know how their customers are trading online or using electronic means to operate their business.
After a short break, which including the discovery that the AXA Manchester branch vending machine does free Vimto (!), we moved onto the main speaker of the morning. This was none other than rradar’s very own CII-accredited trainer, Alan Hornby.
Alan guided the FAB members in attendance through the different types of cyber-crime that can happen and are happening, including Denial of Service attacks, CEO fraud, telephone hacking and Cryptolocks. Using a real-time map of the globe showing cyber-attacks that are known to be happening really focused the mind on how this is actually a world-wide industry that is a substantial threat to business.
He then moved onto the types of insurance that people assume cover such issues and also which insurance types may cover certain points of cyber risks. After what only seemed a few minutes – but was in fact a few hours, due to the engaging style and passion Alan brings to his training – it was time to focus on the definitely non-cyber issue of lunch. After lunch, the assembled superheroes of rural insurance were treated to a further talk on cyber and its effects by Steven Swift of HB Underwriting (the underwriters of the ground breaking Rural Protect with rradar product).
And so another FAB event was over.
Networking with legends of the rural insurance world? Check.
rradar lollies given out? Check.
Being able to sense how independent brokers working together can out manoeuvre the dominant market player? Check, check, check!
For business, no matter what sector you are in, I would wholeheartedly suggest that you look at your data, look at your online exposure and how some of the risks above can affect you. Review risk, take action to reduce it and plan for if something does go wrong.
For insurance brokers, if you want the same engaging and educating training then get in touch to discuss our low rates for cyber and other insurance training courses.