Updated on: July 11, 2024
SafetyDetectives recently interviewed Asaf Armoni, Co-Founder and CTO of Cyber Insurance Academy. He shared his journey and insights into the world of cyber insurance. Asaf’s unique background, with no prior technical experience, was transformed during his military service, leading to a deep understanding of the communication gap in cybersecurity. This realization fueled his passion for making cybersecurity accessible to everyone, culminating in the founding of the Cyber Insurance Academy with Guy Simkin. Together, they aim to bridge the knowledge gap in the industry by providing comprehensive education and fostering a global community of well-educated professionals.
Can you share a bit about your background and what led you to co-found the Cyber Insurance Academy?
I’m a cyber security and cyber insurance professional. With no prior technical background, my first hands-on experience with cybersecurity happened unexpectedly during my military service, where I was placed in a highly technical unit. I quickly realized I was out of my element—not because the concepts were too complex, but because the language used was so specialized it felt alien.
This experience taught me a crucial lesson: the gap in understanding between tech-savvy individuals and those less familiar isn’t about intelligence, it’s about how we communicate these concepts.
This realization ignited my passion for making cybersecurity accessible to everyone, regardless of their background.
While at Reichman University, I founded the RU Cyber Club (formerly IDCyber). The club aimed to integrate cybersecurity with all fields of study.
It was here that I met Guy Simkin, a fellow student whose background in cyber insurance opened up new perspectives.
Together, we founded the Cyber Insurance Academy (CIA) to address and close the knowledge gap in the cyber insurance industry.
We believe that advanced technical tools alone cannot propel the industry to where it needs to be; it requires exceptional and well-educated professionals
Today, we are on the verge of launching a groundbreaking platform for our community. This platform not only makes cybersecurity understandable and actionable for insurance professionals but also enables them to connect and support each other globally.
What is the mission of the Cyber Insurance Academy, and can you talk about your flagship program?
The mission of the Cyber Insurance Academy (CIA) is to bridge the knowledge gap in the cyber insurance industry by providing comprehensive education and training. We are building the largest cyber insurance community worldwide.
Our flagship program, the Certified Cyber Insurance Specialist (CCIS) course, embodies this mission. Accredited by the Chartered Insurance Institute (CII), as well as US and Canadian Insurance Institutes, the CCIS program covers all aspects of the cyber insurance product. This begins with cybersecurity fundamentals up to advanced cyber insurance topics, ensuring that professionals are well-versed in the full spectrum of knowledge needed to excel in the field.
In addition to the CCIS program, we are excited to introduce our new community and Continuing Education Platform. This platform provides a space for our community to connect and support each other globally, fostering a collaborative environment. Through this platform, we offer ongoing education opportunities to ensure that professionals stay up-to-date with the latest developments in the field, further enhancing their expertise and ability to navigate the complexities of cyber insurance.
What are the most significant challenges that cyber insurance professionals face today?
The cyber insurance industry today faces several significant challenges, foremost among them being the rapid evolution and complexity of cyber risks. Unlike traditional insurance sectors, cybersecurity risks are dynamic and constantly changing, requiring a deep understanding of both technical cyber risk management and the broader insurance implications.
One of the key challenges is the misconception that advanced technical tools alone can lead the market for where it wants to be in 2030. While technology is crucial, cyber insurance is fundamentally a people relations industry. This means that alongside technical expertise, insurance professionals must be well-educated in understanding and communicating these risks effectively to clients.
According to the 2024 Allianz Risk Barometer, cyber incidents remain the number one risk globally. This underscores the urgency for insurance professionals to not only grasp the technical aspects of cybersecurity but also to navigate the complexities of underwriting, claims assessment, and risk management in this evolving landscape.
Additionally, the lack of standardized practices and terminology within the cyber insurance market adds another layer of challenge. This inconsistency can lead to difficulties in accurately assessing and quantifying cyber risks, which are essential for pricing policies and ensuring adequate coverage.
How do emerging technologies, such as AI and machine learning, influence cyber insurance underwriting and risk assessment?
Emerging technologies like AI and machine learning are significantly impact the insurance industry as a whole , and influencing the cyber insurance underwriting and risk assessment particularly. However, evolving technologies always present both challenges and opportunities.
The opportunity; AI and machine learning can analyze vast amounts of data quickly and accurately, identifying patterns and anomalies that may indicate potential cyber risks. This enhances the precision of risk assessments, allowing insurers to better understand and price policies based on more detailed risk profiles. Furthermore, AI-driven tools can continuously monitor and evaluate a company’s cybersecurity posture, providing real-time insights that can help in adjusting coverage and premiums dynamically.
However, these technologies also introduce new challenges. As AI and machine learning usage become integral to business operations, they expand the attack surface, creating new vulnerabilities that can be exploited by cybercriminals, or can be mis-use by internal threat. The complexity of these systems makes it difficult to predict and mitigate all potential risks. Additionally, the reliance on AI for decision-making can sometimes lead to overconfidence in the technology, potentially overlooking nuanced risks that require human judgment.
Balancing the use of these advanced technologies with a comprehensive understanding of their associated risks, coupled with an inherent skepticism, is crucial.
What key skills or knowledge areas do you believe are crucial for a successful career in cyber insurance?
In cyber insurance, success hinges on a robust skill set that integrates technical proficiency with insurance expertise.
Firstly, a solid grasp of cybersecurity fundamentals is essential. This includes understanding threat landscapes, attack vectors, and best practices in cybersecurity to accurately assess and mitigate cyber risks.
Secondly, insurance knowledge. In-depth understanding of the insurance policy, the underwriting process, including familiarity with scoring and benchmarking analytical tools, claims management,, and compliance with regulatory frameworks ensures effective risk assessment and coverage delivery.
Moreover, adaptability and a commitment to continuous learning are indispensable. Given the ever-evolving nature of cyber threats, staying abreast of industry developments, emerging technologies, and regulatory changes is key to providing proactive and effective risk management strategies.
Together, these skills form a foundation for navigating the complexities of cyber insurance, enabling professionals to deliver value and foster resilience in an increasingly interconnected digital landscape.