IIM Bitesize: Cyber Broker Essentials

This session will focus on the fundamentals of cyber risk by exploring why, how and where losses arise for business across the UK as a result of cybercrime. The session will look at key methods criminals use to extort businesses and uncover just how fatal first party losses alone can become. However it is not all doom and gloom as we then take a look at how businesses can offset such a risk in 2024 through cyber insurance. Finally the cyber insurance world can be confusing, so the session will finish up with key covers and additional services to look out for when placing cyber risks.

Joe Tracey is the UK & EU Cyber Development Manager for CFC Underwriting. Joe is a growth and development specialist with more than a decade of experience working with market-leading organisations. After becoming CFC’s UK & EU Cyber Development Manager in October 2022, Joe has gone on to spearhead a series of development initiatives, using his strong background in commercial insurance to strategically expand CFC’s cyber market share. Previously, Joe has designed and created new risk programmes for both SME and corporate enterprises.

Learning Objectives

• explain the risks we are trying to solve with cyber insurance
• detail how these risks present themselves
• list how a business might insure these risks
• summarise the current climate of cyber risks and insurance