Recently, DynaRisk headed up to Manchester for the biggest event on the calendar for insurance professionals in the UK - BIBA.
Hosted by the British Insurance Brokers Association, BIBA is an exciting trade event for those involved with Insurance, filled with lots of networking, seminars and interesting discussions.
We caught up with Beau, our Business Development Director, who gave us a breakdown of his key takeaways from the event:
The Rising Interest in Cybersecurity:
Compared to previous years, we observed a higher level of interest in cybersecurity at the BIBA event. This was evidenced by the presence of a cyber-specific seminar on the first day, indicating the growing recognition of the importance of cybersecurity in the insurance industry. Insurers and Brokers alike are acknowledging the need to address cyber risks effectively to protect their insureds.
Dark Web Monitoring:
During our conversations with attendees, we found that most had a basic understanding of the dark web. However, they were surprised when we explained the extensive amount of intelligence we discover on a daily basis. This highlighted a lack of awareness regarding the extent of information available on the dark web and the ever growing threat to policyholders. As a result of this, we had many engaging discussions about how our software solutions can assist in reducing risk.
Leaked Data/Breach Data APIs:
One of the most intriguing aspects of the event was the high level of interest expressed in our leaked data and breached data APIs. Attendees recognised the value of leveraging these APIs for various use cases. Examples of the versatility of our APIs ranged from sanctions checks, tracking stolen prepaid travel cards, to manufacturers of security devices and using our tools for a business’s own self-monitoring/cyber hygiene.
DynaRisk Blogs, Posts, and Resources:
Insurers who were considering entering the cyber market showed considerable interest in our blogs, posts, and resources on the latest cyber threats. By sharing our insights as a service or through partnerships, we can help them gauge the utilisation and engagement of their existing policyholders, providing valuable data and insights ahead of creating a dedicated cyber insurance product. The importance of staying informed and offering comprehensive cyber risk management solutions was evident throughout our discussions.
Conclusion
BIBA is always a significant event on the UK Insurance calendar, but this year with an estimated 9,000 attendees, it was one of the biggest we’ve been to! It allowed us to connect with a huge variety of industry leaders, sharing our expertise, and gaining valuable insights. The event's key takeaways were the higher interest in cybersecurity, the significance of dark web monitoring, the demand for leaked data and breach data APIs, and the potential partnership opportunities for insurers.
We are excited to continue our mission of providing comprehensive cybersecurity solutions and supporting insurance companies in their efforts to protect their clients from cyber threats.
If you’re an insurance professional, why not read more about how we can partner with you to support and protect your policyholders from cyber threats?
If you’re an Insurer, MGA or Reinsurer, click here to learn more.
Or, if you’re a Broker, click here to learn more.