Cyber underwriting has quickly become one of the most complex and dynamic roles in the insurance industry. With cyber threats constantly evolving, underwriters must navigate cyber risk, a complex web of technical, financial, and regulatory considerations.
To gain insight into this high-stakes profession, we spoke with Patrick Eugster, a recent Certified Cyber Insurance Specialist (CCIS) graduate and cyber underwriter at AXA XL. Patrick shares his journey into cyber underwriting, the challenges he faces, and how he stays ahead in this ever-changing field.
Good Cyber Underwriting Goes Beyond the Data
The cyber threat landscape continues to evolve, with AI-driven attacks and supply chain vulnerabilities dominating headlines. However, Patrick points to a deeper, more systemic issue: the ongoing lack of awareness about cyber threats within organizations.
“Despite technological advancements, many organizations still struggle to fully grasp the spectrum of risks, particularly when cybersecurity is viewed solely as an IT function,” Patrick says.
“A more holistic approach—incorporating regular training, adaptive risk management strategies, and proactive security measures—is essential for mitigating these threats effectively.”
While advancements in data-driven tools have enhanced underwriters’ ability to quantify technical risks, these tools often fail to capture this crucial factor: the human element. Without insight into an organization’s security culture, evaluating cyber resilience and accurately pricing risk becomes far more complex.
How the CCIS Designation Enhances Cyber Underwriting
Earning the Certified Cyber Insurance Specialist (CCIS) designation has been instrumental in enhancing Patrick’s professional capabilities. “The CCIS provides a solid understanding of the technical tools and core concepts necessary for effective cyber risk assessment,” he says.
“The training I received in the CCIS program has improved my ability to evaluate complex cyber exposures with greater precision, refine underwriting strategies, and communicate more effectively with industry stakeholders.”
This knowledge enables Patrick to develop more innovative coverage solutions that address the unique challenges posed by today’s cyber environment.
Leveraging Continuing Education and Community to Stay Ahead
Remaining competitive in the dynamic field of cyber insurance requires a strong commitment to continuous learning. Patrick’s approach highlights how continuous learning and collaboration help professionals navigate this evolving industry.
He stays ahead by attending industry conferences, webinars, and specialized training sessions. Additionally, he engages in cross-functional collaboration within his organization to foster a culture of innovation and ongoing education. Moreover, he can now leverage the Cyber Insurance Academy’s Continuing Education programs and Online Community to stay ahead of emerging risks.
As Patrick’s journey shows, success in this field requires a mix of technical expertise, adaptability, and continuous learning. By tapping into education and industry collaboration, underwriters can sharpen their skills and confidently tackle the challenges of tomorrow’s cyber risks.
