‘Coming storm’ emphasizes need for greater insurance-technology alliance on cyber risk

By Chad Hemenway on November 9, 2017

Beeson - CRIC NY17Ben Beeson is no longer brokering cyber insurance. In a new role, he’s tasked with building a bridge between technology and insurance.

Beeson, former cyber risk practice leader with Lockton, joined start-up Arceo Analytics in the summer. The information technology and service provider remains in stealth mode but Beeson spoke with Advisen about his move.

“We’re on the cusp of a major shift in the way insurers and their customers evaluate cyber risk,” Beeson told Advisen “Fundamentally, that’s to do with the increasing ability to capture data points that were not previously available – in real time.”

Yet the synching of the security and insurance worlds is not quite there. The sides have demonstrated a measure of success on the response side of a cyber incident but not as much when it comes to pre-breach.

Some technology companies can be accused of treating insurers and brokers as resellers of their products. Conversely, some insurance companies have not tried to understand how technology companies may be able to add value and begin to incentivize customers who use the tools and technology available.

Beeson said “both sides have been dancing around each other to better understand how to align.”

“The alignment between security and insurance is coming right now, but it takes people to help bridge the industries. I am very interested in trying to support that.”

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This story in an excerpt of the original. The content originally appeared in Cyber Front Page News.
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Chad Hemenway is Managing Editor of Advisen News. He has more than 15 years of journalist experience at a variety of online, daily, and weekly publications. He has covered P&C insurance news since 2007, and he has experience writing about all P&C lines as well as regulation and litigation. Chad won a Jesse H. Neal Award for Best Single Article in 2014 for his coverage of the insurance implications of traumatic brain injuries and Best News Coverage in 2013 for coverage of Superstorm Sandy. Contact Chad at 212.897.4824 or chemenway@advisen.com.