With organizations across the globe becoming more and more in need of cybersecurity and insurance, brokerage firms in the field have looked to increase their staff. The challenge is that employees with experience in this field are in short supply. Because of this, brokers have to hire employees from a variety of sources, which commonly include cybersecurity, information technology and law firms. Ben Beeson, cyber risk practice leader at Lockton Cos. LLC, had the following to say, “With the market growing at 30 percent a year, we need resources as brokers to support that growth.”
Intense growth over the past several years has left brokers looking for anyone with any cyber experience. Shannon Groeber, senior vice president of the cyber and errors and omissions practice at JLT Specialty Insurance Services Inc., stated that people with as little as two years of experience in the cyber realm “are in such demand they can negotiate higher salaries and higher positions” than their actual skills support. Hiring cyber workers may still be a selective process, but with such high demand brokers are willing to hire workers from other cyber fields and adapt them to the insurance world.