The Cyber Insurance Academy recently selected Kelly Geary to lead some educational initiatives related to cyber risk for our Community. Kelly Geary is a seasoned cyber insurance expert and has substantial experience in running training session on coverages and claims handling in the cyber insurance sector. Our team interviewed Kelly Geary on the changes she has seen in the industry and the role of the broker during the course of her career, what needs to improve in our training and education of the workforce, and to get her tips on keeping up-to-date in such a fast-paced sector.
How has the cyber insurance landscape evolved over the course of your career, and what trends and key challenges do you see emerging in the space over the next 5 years?
The cyber insurance landscape – the market as well as the coverage – has evolved and changed significantly during the course of my career. I started getting involved with cyber insurance in or around 2005, when I was working in a claims and underwriting counsel role on the carrier side. At that time, the focus was on providing coverage for breach-response costs; primarily computer forensics costs and the costs to comply with the various breach-notification laws that were beginning to sweep the country. Coverages that are crucial today were hardly even considered in 2005. For example, cyber extortion coverage was being added as a “throw-in” for no additional premium at that time. Business interruption coverage was not even offered initially. The
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