Insurance producers are the first link in providing correct and adequate insurance services to firms and larger companies. Before actuaries decide on prices for insurance coverage, the providers will have to decide on what risks are worthy of being covered by them and one of the areas where insurance is very dicey is cyber liability. Today, insurers still move with extreme caution and tend to limit the amount of coverage offered under cyber loss, despite the fact that there is usually an appetite for more coverage. Breach costs are consistently on the rise and the limited protection that’s available doesn’t come close to what the cost of a heavily crippling cyber attack would be to a large business organization.
When it comes to risks associated to cyber liability, there are a lot of factors to be put into consideration when deciding whether a risk is insurable or not. For a decision to be made in this regard, insurance providers will need full knowledge on the factors surrounding such a risk and how to analyze them properly. To do this, they can find cyber liability training for insurance producers useful. Insurance agents and brokers must know the risks, covered exposures and exclusions from the policies they sell. Their clients look to them for purchasing advice. The RCLS™ cyber liability certification will give producers a standard by which to understand the cyber liability coverages for business enterprises.