The Accredited Cyber Risk Advisor program prepares agents to shine in the complex world of cyber liability

By Elisabeth Boone, CPCU

It wasn’t so long ago that no one had heard of cyber risk and no insurer offered coverage to address the exposure. While hackers, phishers, and assorted scam artists were swindling their way through the World Wide Web, it was business as usual for corporations, nonprofit entities, educational institutions, and healthcare providers.

Independent agents and brokers, who are on the front line of the claims handling process, likewise tended to be unaware of the threats posed by cyber criminals … until their clients started to report losses, only to be told their claims weren’t covered by any of their policies.

It’s impossible to pinpoint exactly when the business community awoke to the reality of cyber crime and insurers began to consider the fact that their existing policies didn’t address the exposure. Today cyber risk is front and center for corporations, nonprofits, educational and religious institutions, and just about anyone who uses a computer to conduct business. What’s more, insurers have responded to the threat with products specifically designed to address it.

As for agents and brokers, the challenge was to go from zero to sixty at warp speed in the quest to become knowledgeable about cyber risks and the solutions available to manage them. Suddenly their electronic mailboxes were crammed with messages encouraging them to sign up for seminars, institutes, and workshops that were designed to bring them up to speed on cyber issues.

Although some of these offerings are legitimate, in the world of cyber education it’s important to separate the wheat from the chaff. Readers of Rough Notes, and insurance professionals all across the country, know that Scott Addis’s organization, Beyond Insurance, can be counted on to provide top-quality education in all aspects of property/casualty insurance and risk management. The CRA (Certified Risk Architect) designation, launched in 2011, is held by more than 150 members of the Beyond Insurance Global Network (BIGN), and members also can pursue specialized designations like CBWA (Certified Benefits and Wellness Advisor) and TRA (Trusted Risk Advisor).

Cyber savvy

As insurers began to offer separate liability policies to address cyber risks, agents and brokers recognized the need to get up to speed on cyber so they could provide expert advice to their clients, most of whom had cyber exposures of which they were unaware.