Goanos is founder and CEO of Andros Risk Services, an insurance consulting firm specializing in professional lines, and author of D&O 101: Understanding Directors & Officers Liability Insurance.
Larry Goanos–I see it as twofold. One is certainly attracting and retaining the top talent in the industry; the lifeblood of the insurance industry is people. And the second is dealing with cyber risks, both internally at insurance organizations and helping clients deal with them. That area has the potential to be a real thorn in the side of the industry over the long term if not managed correctly.
Goanos–I hate to sound like a broken record, but I’d say the far-reaching implications of cyber risks. Second would be increased regulatory scrutiny and activity, both domestically and internationally.
Goanos–Definitely a combination. But you can only regulate cyber so much; hackers don’t adhere to regulations. And it seems like every time a safeguard is created, ingenious hackers figure a way around it. But I do think we’ll see a lot more regulation in the area of cyber security as time goes forward.
Goanos–Not yet, but I think the awareness and desire are there, and the industry will continue marching forward on cyber issues. It’s just a question of whether you can truly ever catch up to the hackers, who are out there in large numbers and can operate as “lone wolves” with no oversight from anyone.
Goanos–Again, I’d say cyber issues, getting our arms around it, how to mitigate losses once they occur, etc. And, of course, we need to continue to attract young people to the industry, which isn’t always easy since we’re not as “sexy” as finance and some other areas of the job market.
