Insurance underwriters are to categorize risks and their work will be used by insurance actuaries in pricing and evaluation. Underwriting risks is no easy task; it must be carefully, meticulously and done by seasoned professionals who pay close attention to details, so as not to put a risk into the wrong category. A mistake by an insurance underwriter could have diverse and unpredictable ripple effects that could cost the insurance firm greatly. With the dicey issue of insuring risks associated with cyber liability, it goes without saying that even the most qualified underwriters can make errors if they are not abreast of the factors surrounding the risk.
Sufficient knowledge of these factors is highly required and an extensive cyber liability training for insurance underwriters course is more than capable of providing that knowledge. Much like actuaries need to know the financial risks involved with cyber liability, so too insurance underwriters should have a base of understanding that will help them categorize specific risks of commercial applicants. The RCLS™ cyber liability certification will offer underwriters a general set of criteria from which to judge individual risks.