068 The Truth and the Myth of Managing Cybersecurity Risk: An Interview with Libby Benet – Part 1
In this episode, Christina Martini and Libby discuss:
Libby’s journey as a lawyer in the insurance industry.
How Libby got into the insurance business and got involved in the cyberspace.
Recent threats in the cyberworld and how they have changed since 1999.
The evolution of data analytics and its use in the insurance industry.
Different industries have different threat profiles depending on what the threat actor is interested in obtaining.
Underwriters can make the difference between looking at the data and the human intuition behind what the data is showing.
The current underwriting process is inadequate for understanding the cyber risk.
Business leaders are not technicians. They rely on their IT department to keep security up to date.
“Prior to data analytics, all applications looked the same. With predictive analytics, we actually get to see the nuances between your firm and another firm, which we couldn’t see before.” — Libby Benet
About Libby Benet: Libby is currently the President of Cyber Secure Work Inc., a cybersecurity, privacy and insurance consulting practice located in Maryland. She has been in the insurance and reinsurance industry for over 30 years. Libby spent time at Beazley Insurance Group as the US Lead Treaty Underwriter for specialty lines products including cyber liability. Prior to that, she held various senior treaty underwriting positions managing professional lines, employment practices and cyber liability with General Reinsurance Inc., a Berkshire Hathaway Company. She has also worked for Zurich in primary underwriting of various property and casualty products. In the mid 1990’s, Ms. Benet became a licensed Maryland Attorney and worked in private practice. She served as Chair of the Emerging Issues Committee of the Torts and Insurance Practice section of the ABA. She is a member of the Minnesota Lawyers Mutual Board of Directors. Through the International Association of Privacy Professionals (IAPP) Libby is a Certified Information Privacy Professional (CIPP US) and certified as a Privacy Information Manager (CIPM).