With unknown hackers and negligent mistakes (on the part of the victims) affecting even the biggest business entities, the importance of insuring your business against cyber liability is becoming increasingly obvious. When a firm suffers loss as a result of cyber liability (or its effects), it could be insurable. However, not all cyber-related losses can be covered by insurance. For the risks that are insurable, another issue is pegging a price on the insurance service. Insurance actuaries are concerned with placing prices on insurance services and whenever the need arises to insure a firm against cyber loss.
Insurance actuaries determine the financial risks associated with various exposures and for a lot of reasons, they will find Cyber Liability Training for Insurance Actuaries useful. First, as new policy provisions are adopted by insurance carriers, actuaries will need to calculate appropriate premiums for the increased coverage. Also, actuaries will need to know the full extent to which these losses go in order to save the insurance firms from unnecessary losses. It is beyond certain that the RCLS™ cyber liability designation will help prepare them to know more about the potential impact of any changes to present the policy language that governs insurance services.