It’s Time to Talk to the Cyber ​​Insurance Talent Gap. What Will It Take to Find the Future?

Cybersecurity is facing a shortage of qualified professionals… And so is insurance. What is cyber insurance?

It’s no secret that insurance companies are struggling to attract and retain talent, and cyber lines are not immune.

In 2021, there were 465,000 cybersecurity jobs, according to the Cyber ​​Insurance Academy, an educational group dedicated to training cyber professionals.

“Cyber ​​security companies are facing a serious shortage of skilled workers,” said Syvanne Aloni, director of marketing and product development at the Cyber ​​Insurance Academy. “Cyber ​​threats are increasing but we don’t have enough people to deal with them.”

A shortage of qualified talent is pinching any industry that needs cyber experts. But insurance may be feeling the brunt of the talent shortage it already has. Let’s take a look at the scale of the problem the industry is facing and what we can do to change it.

It’s Numbers

The cybersecurity talent shortage is so bad that “not one person has told me that they don’t want to hire people or that they’re good with the talent they have,” Guy Simkin, co-founder and CEO of the Cyber ​​Insurance Academy, said. Risk & Insurance®.

While the cyber talent gap is pervasive in nearly every cyber insurance industry, an insurance survey from the Cyber ​​Insurance Academy has found:

  • Insurance is expected to meet soon 400,000 open spaces in different ways of learning.
  • Cyber ​​insurance premiums are higher than a 140% sale of common goods. For underwriters, cyber insurance professionals add 20%..
  • Cyber ​​insurance brokers make about $93,922.
  • Despite these higher wages, a shortage of cyber insurance talent remains.
  • Insurance, in particular, is struggling to bring young people into the field. Eighty percent of the insurance companies The report lacks young talent, but 52% they say they struggle to hire people under the age of 31.

Why We Need to Address the Cyber ​​Insurance Talent Gap

This talent shortage comes at a time when people need cybersecurity and insurance professionals more than ever.

Cyber ​​threats have grown exponentially in recent years. Ransomware and other threats have been threatening businesses, and insurance markets are tightening in response.

“We have not grown our talent pool to match the demand for cyber/E&O insurance from clients,” said Stephanie Dingman, managing director of Aon.

To add fuel to the fire, the world is becoming increasingly digital. I am crypto currency and NFTs making things that were once completely tangible.

“We believe the risk landscape will change dramatically over the next few years,” Simkin said.

“The risk is more digital than it was a few years ago. The economy is becoming less transparent with these new technologies that are emerging, cryptocurrency, blockchain technology, the digital economy of the metaverse.”

How to Address the Cyber ​​Insurance Talent Gap

One of the reasons that the cyber skills gap is a problem is that there are few people who have the necessary cybersecurity knowledge to successfully write and write policies.

“Considering cyber insurance professionals make up the smallest portion of all insurance professionals, there are very few people working in this sector,” said Joey Sylvester, vice president and director of the Cyber ​​Risk Solutions group at Gallagher. . .

“Online insurance is very unique. “Cyber ​​insurance professionals should not only follow the insurance market but also the cybersecurity industry,” he said.

Additional training can help salespeople and underwriters transition from other lines of insurance to other roles.

“There has been a lot of movement between insurers, Insuretechs and brokers, and we expect that to continue in the future,” Dingman said.

“Our focus has been on creating a culture that provides solutions and opportunities for our partners, and aligning talent to fit within our team.”

But since the industry is facing a serious talent crisis across the board, it may not be enough to fix the problem. Insurers must recruit college graduates to close the cyber insurance talent gap.

One way to help bring young people into the field is by showing them how to do it fulfilling work in insurance – especially a fun line like cyber – can be.

“Insurance is not adultery; It is not attractive and appealing to young people,” said Aloni.

“There is no information about this profitable and exciting sector within the insurance industry. Recruitment strategies should go beyond business with higher education, finance or risk management and other programs, such as cybersecurity programs,” added Sylvester.

Internship programs is one way carriers and brokerages have tried to attract young talent in recent years. Introducing young people to the industry can help break the stigma surrounding the insurance industry. They will learn that the work is not as boring as they thought before going to the field.

Providing technical training will be another important aspect of cyber talent management. Some people may be interested in cyber insurance but not sure if they have the technical qualifications necessary to succeed.

“Insurance businesses and companies can expand recruitment services to other companies and other non-traditional programs. Going forward, they can create ways to recruit insurance workers who may be interested in cyber but don’t know how to get started because of the technology of this work,” he said. Sylvester. &

Courtney DuChene is a freelance journalist based in Philadelphia. He can be reached at [email protected]