Ed introduces academy providing insight into cyber

Ed, a reinsurance, wholesale and specialty broker, has launched a cyber academy to provide clients, partners and underwriters with insight into cyber-crime and cyber security risks.

Spearheading this cyber academy is Peter Hacker, group chief innovation officer.

The academy includes a three-level enterprise risk management programme, which will focus on awareness, understanding the unprecedented risk which cyber-crime presents to businesses and clients.

Furthermore, it will focus on the perception of the risk versus reality, risk quantification or modelling, risk treatment including risk transfer and claims.

The final stage of the academy will use scenarios to stress test how clients and carriers respond to a cyber-attack and the insurance solutions which are available today.

Hacker said: “Cybercrime and cyber security risks now threaten every industry and have become a key focus for our clients. Digitalisation, cyber security and related perils such as intellectual property, reputational or brand risk are not new, however the risks to clients are increasing and the insurance industry must do more to better understand, both qualitatively and quantitatively, this unprecedented threat.

“It is essential that as an industry, in particular at board and risk management level, we are aware of the risks and opportunities which cyber presents. An in-depth understanding of the cyber risk landscape should not be the preserve of a specialist few.

“The Ed Cyber Academy will work to address this knowledge deficit. The academy will enable clients, partners and suppliers to gain a more in-depth understanding of how to mitigate and potentially transfer cyber security risks.”

Steve Hearn, CEO of Ed, added: “Cyber is one of the fastest growing business classes and a clear threat to the global economy. Innovation is at the forefront of Ed’s philosophy, and we are pleased to announce the launch of an initiative which will benefit our team, clients and partners.”