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Underwriter Spotlight: Meet Jake Lieberman, AVP, Team Lead
Behind the scenes with our top-producing Cyber underwriter
In this issue of our Underwriter Spotlight Series, we’re thrilled to recognize Jake Lieberman, AVP Team Lead working in our Partnerships & API channel and top-performing Cyber underwriter at At-Bay Insurance Services, LLC.
Jake’s love for numbers and problem-solving drives his underwriting skills and has enabled him to craft tailored solutions for brokers and clients that help them minimize cyber risk. Read on to learn more about what Jake is seeing at his desk right now and his advice to brokers looking for Cyber coverage for their clients.
1. What is your favorite thing about underwriting?
My favorite thing about underwriting is the critical thinking it requires to dissect the responses of the applicant to truly understand their businesses’ coverage needs. There’s a linear aspect where it’s a simple input = output, but there are often curveballs that uncover the need for more unique coverages for that specific business.
I also love that underwriting is the perfect blend of sales and sitting at your desk crunching numbers, and I don’t think it compares to most other types of jobs.
2. What trends are you currently seeing in Cyber?
One trend I’m seeing is a lot more law firms, higher education, and construction companies looking for coverage.
Additionally, cybercrime and ransomware are abnormally high right now, so social engineering coverage is a must. Human error continues to be the nearly uninsurable factor and biggest loss driver, in addition to old, antiquated, unpatched, and unsupported systems. Adequate cybercrime and ransomware coverage remain the top priority.
Because human error is so hard to prevent, the two best things organizations can do are:
- Require security awareness/phishing training
- Catch vulnerabilities quickly through proactive monitoring
I love that At-Bay’s surplus Cyber and Tech E&O policies include access to At-Bay Stance Exposure Management1, which embed the following into the policy:
- Stance Exposure Manager: an external attack surface management platform that helps insureds see key areas of cyber risk, recommends fixes, and now also includes security awareness and phishing training.
- Stance Advisory Services: security consulting from a team of virtual CISOs and cyber experts.
At-Bay’s security offerings are really unique with a robust set of tools and services for clients that help reduce cyber risk. And it’s so easy for me to lean on our security experts when an insured has questions or is looking for more cyber security support to minimize their exposure.
3. Is there anything businesses can do before getting a Cyber quote that would help them secure better terms and rate?
Invest in better security controls. Deploy EDR, have MFA, and consider purchasing an MDR solution. Additionally, don’t use a self-hosted VPN if possible. This will allow you to get better terms across the market.
- If a self-hosted VPN is unavoidable, keep it patched.
- For EDR, we recommend a top-performing solution like Crowdstrike, SentinelOne, or Microsoft Defender.
- For MFA, we recommend Duo, Okta, Microsoft Authenticator, or Google Authenticator.
- MDR is one of the most effective security controls available. Our claims data shows that over 50% of our customers’ claims could have been prevented by an MDR solution.2 At-Bay Stance MDR is available to purchase through At-Bay’s security company.3
4. How did you end up with a career in insurance?
I tripped, stumbled, and fell — I didn’t know a career like this existed!
After Googling what I could do with a math degree upon finishing my bachelor’s, I saw that the top three opportunities were actuary, professor, and underwriter. I had no idea what an underwriter was, but before I knew it, I was interviewing for an Assistant Underwriter position. The rest is history. It’s been 10 years, and I’m really happy with my career choice and everything I’ve learned along the way.
About At-Bay
As the world’s first InsurSec provider, At-Bay is creating the future of cyber insurance and security. Our customers are kept safer with end-to-end prevention and protection. Our ease of use, responsiveness, and personalized customer service make us a leading cyber insurance provider.
At-Bay Insurance Services LLC is a wholly owned subsidiary of At-Bay, Inc. (“At-Bay”).
1. At-Bay Stance Exposure Management offerings include Stance Exposure Manager and Stance Advisory Services, which are available to policyholders via the Embedded Security Fee and corresponding Endorsement. Please refer to the policy form for additional information.
2. Based on At-Bay analysis of At-Bay claims from Q4 2021 through to Q3 2023 that could potentially have been mitigated by a Managed Detection and Response product.
3. At-Bay Security, LLC is a wholly owned subsidiary of At-Bay, Inc., providing cybersecurity services including MDR and incident response. At-Bay Security, LLC does not provide insurance services.
