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Cyber Security calendar    Oct 24, 2023

3 expert tips for hiring and retaining cyber insurance talent

We recently spoke to Mario Paez, National Cyber Risk Leader at Marsh McLennan Agency, as part of our Cyber Insurance: Talent Trends Review 2023 report.

In this subsection from our full Cyber Insurance research paper, Mario addresses challenges in hiring cyber insurance talent, retention strategies for cybersecurity and insurance professionals, and essential skills and qualifications required for cyber insurance roles.

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Skip ahead to:

  1. Recruitment challenges in cyber insurance
  2. Simple advice for retention in cyber insurance
  3. The skills and qualifications to look for in cyber insurance talent

Where do you see hiring managers and internal recruitment teams falling short in hiring cyber insurance talent?

The challenge is finding technical talent that can fit within an organization’s culture while identifying a candidate’s propensity to evolve and adapt to an ever-changing risk landscape. It’s not an easy task for hiring managers and internal recruitment teams, especially in relatively niche areas of expertise, such as network security/privacy insurance and risk management.

Although it may sound cliche, it takes a village of internal and external networks to better allow for the efficient use of recruitment tools and resources. Working with individuals who “live” within the product/service specialty ensures recruitment efforts are accurate, targeted, and sincere.

What retention strategies do you use to keep top talent engaged and committed to your organization, specifically for skilled professionals in the cyber security and insurance sectors?

A simple yet often overlooked adage around employee retention strategies is following the “golden rule.” As a starting point, skilled professionals often want to have a voice, know that they will be supported, and have the opportunity to grow and expand in their area to deliver a measurable impact.

Clear goals with defined compensation structures can assist with alignment and engagement across the organization. Mutual transparency between the employer and the employee, from the hiring process to routine reviews, builds trust and can help ensure employees are supported and invested while continually aligning with organizational goals.

What are the essential skills and qualifications you look for in candidates when hiring for cyber insurance roles?

Some of the numerous skills and qualifications we look for in candidates include passion, expertise in the cyber insurance market, collaboration, and adaptability. Those are the four defining initial skills. Cyber insurance professionals are often “translators” between C-Suite and IT/InfoSec professionals. Therefore, it is imperative to be knowledgeable on evolving security and privacy risks while being experts in cyber insurance language and terminology, market nuances, and retaining underwriting relationships.

Candidates who are passionate about continuous independent learning and building networks with other experts in the space (i.e., legal, infosec, etc.) can empower the whole team to better prepare clients and colleagues to reduce risk and customize risk transfer solutions for our customers.

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