Cyber Claims Analyst
Job Title – Claims Analyst, Cyber Claims Analyst or Cyber Analyst
The role or title of a claims analyst in relation to cyber security can change quite quickly, given the nature of cyber security claims, the identification of current and future threats and the ability of a company or industry to be pro-active about responding to any such threat.
Description / Responsibilities
A Cyber Claims Analyst make work for an insurance company, a firm of loss adjusters or act as a consultant. Their specific role can vary a bit depending upon the structure of the claims management system within the organization.
However, they are likely to be involved in several key areas of claims management.
Cyber Claims Settlement
Settling claims in such a manner that is cost effective for the insurance company, whilst at the same time trying to make sure that the insured is happy with the outcome, can be quite tricky at the best of times.
The Cyber Claims Analyst will need to be aware of all policy details and stipulations including any endorsements or riders that may apply to a specific company or individual.
Cyber Insurance claims can overlap with other areas of insurance such as professional liability insurance, business interruptions insurance and casualty insurance.
The practice of settling claims starts with evaluating coverage, deciding on the liability and financial exposure of the insurance company through to negotiating and finalizing settlements.
This can sometimes be done amicably and at other times involves litigation and counsel.
Some insurance companies take the attitude that they will follow the terms and conditions of the policy in quite a rigid way, other companies will be more open to being a bit more generous in terms of how certain areas of the policy can be interpreted.
A Cyber Claims Analyst will need to be aware of the intent of the insurance company in terms of how the are willing to settle and negotiate claims.
Cyber Claims Analysis
Whilst claims settlement is often thought of as the heart of a claims management system, analysis of specific claims and claims settlement trends in a particular industry can be vital to understanding how to adapt underwriting policies to be more efficient and cost-effective.
Insurance underwriting is to an extent data driven, but also very much depends upon the instinct and experience of the underwriter themselves and their team of underwriting assistants providing backup data and resources.
A Cyber Claims Analyst can be crucial in helping spot trends in claims that may not always be obvious in the final settlement figure.
Cyber crime is an ever evolving industry, and people involved in it will continually adapt and refine both their methods of crime, and ways of making it pay.
Ultimately this cost normally falls on the insurance company, which in turn may need to increase premiums or restrict coverage in order to maintain some degree of profitability.
This is a cycle that again hits businesses, often small businesses, and with a degree of data driven analysis can to some measure be broken.
Insurance companies that are involved in cyber security often greater great lengths to provide resources to help businesses and companies prevent a cyber attack once they have taken out an insurance policy with them.
They are often at the forefront of knowing how best to prevent or manage risk, and it is well in that interest to pass this onto the business or company, and hopefully prevent future claims on their policy.
Cyber Claims Analyst – Qualifications / Experience
Experience of claim settlement and analysis is probably more important to most insurance companies than specific qualifications.
Cyber Insurance claims often go alongside property and casualty claims, so someone’s experience in these areas as well can be really helpful.
Experience of financial crime / fraud can also be really helpful, and any candidate will be expected to have strong skills and knowledge in all areas of technology, both hardware and software.
There are a number of insurance qualifications that some professionals have, and can be seen as quite useful. Equally a bachelors degree such as a law degree, or a degree in business management can be really helpful as well.
There are numerous certificates available in all areas of cyber security and networking, all of which can add value to an individual working in this field.
Salary / Benefits
Online job agencies estimate at the salary range for this position is between $65000 and $85000, if working for an insurance company – probably significantly more if working for a firm of loss adjusters or as a consultant.
A conservative insurance company is likely to offer significant range of benefits a smaller companies may not be able to match that might be worth taking it to account.