Meet the Cyber Underwriting Team: Jamie Dobbs, Scott Davies & Olly Richards

At DUAL UK, our Cyber Underwriting team is dedicated to helping businesses navigate the increasingly complex world of cyber risks. In this "Meet the Underwriters" post, we introduce three key members of the Cyber team: Jamie Dobbs, Underwriter, Scott Davies, Senior Underwriter, and Olly Richards, Senior Underwriter. All bring unique experiences and insights to the team, helping to ensure that DUAL UK provides clients with the best possible coverage in an ever-evolving digital landscape.

Jamie Dobbs, Underwriter, Cyber, DUAL UK

From Broker to Cyber Underwriter

Jamie recently made the transition from broking to underwriting, celebrating his first year as a Cyber Underwriter in August 2024. His role involves assessing the risk of businesses seeking cyber insurance. Each day, Jamie reviews applications, evaluates companies’ cybersecurity practices, and determines the level of risk posed by threats like ransomware, data breaches, and insider attacks. Collaborating closely with brokers and clients, Jamie strives to tailor policies that meet specific needs while balancing risk for DUAL UK.

Why Cyber Insurance appeals to Jamie

Jamie was drawn to cyber insurance because it lies at the intersection of technology and risk management, two fast-evolving fields. The growing frequency and sophistication of cyberattacks make it a dynamic and ever-changing space. Jamie finds satisfaction in helping businesses protect themselves from these digital threats while also managing DUAL’s risk by ensuring the policies written are both comprehensive and sustainable.

Ideal Risks: Robust Cybersecurity with high stakes

Jamie’s ideal scenario involves underwriting for companies in sectors like finance that have demonstrated a robust and proactive cybersecurity posture. These businesses often have advanced systems in place, such as Multi-factor Authentication (MFA), daily updated offline backups, and cutting-edge tools like Endpoint Detection and Response (EDR). However, despite these defences, they still often face significant risks, making it a fascinating challenge to develop the right insurance coverage.

Collaborating with Brokers in challenging markets

Efficiency, Jamie says, is key. Early collaboration is crucial—by sharing necessary information upfront, underwriters and brokers can avoid delays and align on important factors like pricing trends and coverage restrictions. Open communication ensures that both parties work together to provide the best possible coverage while managing risks effectively.

Scott Davies, Senior Underwriter, Cyber, DUAL UK

Senior Underwriter and Cyber Market developer

As a Senior Cyber Underwriter, Scott's role revolves around assessing proposals for cyber insurance, ensuring they meet DUAL’s minimum standards, and addressing any concerns by asking clarifying questions. Once these steps are taken, Scott delivers formal quotations, with the ultimate goal of binding those terms to create a mutually beneficial relationship between the client and DUAL.

Why Scott is passionate about Cyber Insurance

Scott's journey into cyber insurance began during a career move to Dubai in 2012. Initially asked to manage a Professional Indemnity (PI) book, Scott saw an opportunity to drive the development of Cyber in the region. His passion for cyber insurance stems from the dynamic nature of the product and the constant evolution of the market. He enjoys the challenges posed by the industry, especially navigating between hard and soft market conditions, viewing it as part of the fun.

The high-risk, high-reward sector: Financial Institutions

Scott is keen to underwrite risks for Financial Institutions and Asset/Investment Managers—sectors that are currently in high demand. While these sectors carry high risks, their robust regulatory frameworks and maturity in cybersecurity make them attractive risks to write. Their comprehensive safeguarding of data and systems presents an exciting opportunity for Scott to craft tailored insurance solutions.

Staying prepared through ongoing learning

For Scott, staying ahead of the curve is crucial. Training and continuous learning play a significant role in maintaining an edge in such a rapidly evolving field. As cyber threats become more sophisticated, the need for constant skill development is essential to keeping pace with the industry's demands.

Olly Richards, Senior Underwriter, Cyber, DUAL UK

A deep dive into Cybersecurity

Olly joined DUAL in 2020 and is a Senior Cyber Underwriter. His role involves assessing cybersecurity measures across a broad spectrum of global industries. His goal is to provide tailored cyber insurance policies, including 24/7 breach response services to help clients respond effectively to incidents like ransomware attacks.

A unique path to Cyber Insurance

Like many in the industry, Olly "fell into" cyber insurance, inspired by a talk on cyber risk early in his career. This interest led him to pursue a master’s degree focused on cybersecurity, specifically the impact of layered network security. Today, Olly draws on this specialised knowledge to assess risks accurately and engage clients in meaningful conversations about their cybersecurity needs.

Supporting companies that prioritise Cyber risk management

For Olly, the ideal risk involves companies that prioritise protecting their “crown jewels” (their most critical assets) and view cyber insurance as part of a comprehensive risk management strategy. His goal as an underwriter is to support clients in using insurance as an effective risk transfer tool, acting as a key partner in their risk management journey and a critical support mechanism when defences are breached.

At DUAL UK, our Cyber Underwriting team is deeply committed to offering clients robust and customised cyber insurance solutions. With experts like Jamie Dobbs, Scott Davies and Olly Richards on board, DUAL remains well-positioned to tackle the ever-growing challenges of cybersecurity, helping to ensure businesses are protected from the financial and operational impacts of cyber threats. Stay tuned for more insights from our talented underwriting teams!