Fernando is an Insurance Solutions Manager at Bitsight and now a cyber insurance specialist.
Q: How did you get into the cyber insurance industry?
A: An opportunity came up in the company I work at, I saw it as a unique chance to jump aboard the cyber insurance market as we’re continuously expanding our cyber-risk capabilities for the insurance industry.
Q: What brought you to the Certified Cyber Insurance Specialist (CCIS) course?
A: As a part of my role, I often communicate with different people who specialize in cyber, insurance, or both areas. To close the gap and act as a bridge between my company and insurers, brokers, etc., I wanted to acquire the relevant knowledge and vocabulary that play a pivotal role in the communication process with our clients and partners.
Q: The Cybersphere is brimming with buzzwords. Which buzzwords have you previously had difficulties with and are clearer now thanks to the CCIS course?
A: I had no difficulties with the words I came across, although the concepts explained through the Certified Cyber Insurance Specialist (CCIS) course are much clearer than in other courses I have come across.
Q: Which tools and skills have the cyber insurance course equipped you with so far?
A: I’m better equipped to interpret different attack scenarios, news, and discussions related to the cyber insurance industry, as well as to engage in a technical conversations with our insurance clients.
Q: Thinking about the current cyber insurance products on the market, what do you think needs to change soon?
A: I think that companies are having difficulty understanding how major security incidents can disrupt their portfolio and consequent financial losses. In my view, it is imperative for insurance companies to cooperate and exchange data/insights to achieve market stability and to promote cyber-insurance adoption for companies and individuals who were previously oblivious to their cyber exposure and that are often associated with severe supply-chain attacks.
Q: Where do you see the Cyber Insurance market in the next 3 years?
A: The Covid pandemic forced companies and individuals to undergo quick technology adoption, use of e-commerce, and social media, which also meant that there was more sensitive data being exchanged in digital channels. Attackers took advantage of this opportunity in face of the cyber exposure of companies and individuals, and this is where the cyber insurance market will play a pivotal role over the next years – forcing companies to evaluate their cyber risk and adopt certain cyber standards. I think we will see larger market awareness, and companies will use historical data from recent years to have clearer underwriting, claims, and coverages. We might start discussing the importance of cyber insurance for households and individuals more.
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