December 12, 2023

Ep192 James Burns CFC: Classifying Cyber

41 minutes

We tend to take the institutions that serve our industry for granted. It almost seems that the hundreds of industry trade and standards bodies have always been there.

So that’s why this episode is so interesting.

Today’s guest is working on setting up the world’s first cyber loss classificatory body that from 1.1.2024 will serve the UK insurance and reinsurance industry and the wider UK society that it is supporting.

We don’t do this very often so my chat with James Burns, Head of Cyber Strategy at UK-headquartered cyber and specialist MGA CFC is a unique chance to be in on the ground floor as an industry leader seeks to solve an emerging problem in the risk landscape.

The cyber world and its insurers need be able to classify the severity of the systemic loss events that it is facing if they going to be able to continue to grow and fufill the needs of customers and society as a whole.

But just how do you go about creating a pan-industry pan-societal body with a mission to work in the best interests of all?

James’s answers to this question are fascinating. His expertise and gravitas, mixed with optimism and idealism are a highly effective and infectious combination.

So if you are feeling jaded and thinking that what insurance does is sometimes a little uninspiring I can highly recommend a listen.

This is an Episode to remind you that our industry is absolutely essential for solving some of the biggest problems of our age.

LINKS:

The Cyber Monitoring Centre doesn't have a website yet

But James is happy to be contacted by anyone looking to get involved. Here is a link to a very well-circulated article he posted to LinkedIn. You can connect to him via his profile:

https://www.linkedin.com/pulse/solving-systemic-risk-cyber-markets-number-one-priority-james-burns%3FtrackingId=poupsOrSSTOlgB8stV6E4g%253D%253D/?trackingId=poupsOrSSTOlgB8stV6E4g%3D%3Dhttps://www.linkedin.com/pulse/solving-systemic-risk-cyber-markets-number-one-priority-james-burns%3FtrackingId=FADb4wFXTYaPoFKgLIEjHw%253D%253D/?trackingId=FADb4wFXTYaPoFKgLIEjHw%3D%3D

We thank our naming sponsor AdvantageGo:

https://www.advantagego.com/

We also thank our audio advertiser, Aventum Group

Please contact them on: [email protected]

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By The Voice of Insurance Mark Geoghegan

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