The British Insurance Brokers’ Association responds to the increasing need for cyber insurance protection

11th May 2016

At its conference in Manchester on 11 and 12 May, British Insurance Brokers’ Association (BIBA), Chief Executive, Steve White called for improvements in the recognition of the value, awareness and take up of cyber insurance protection.

He revealed in his conference speech that the latest Government figures on cyber security breaches are a cause for concern.

White said; “The Government’s statistics on cyber breaches reveal that 65% of large firms detected a cyber security breach or attack in the last year and 25% of these experienced a breach at least once a month.  Furthermore, the most costly breach was £3m and the average cost of a breach in large businesses was £36,500.

“These numbers demonstrate that doing nothing about these risks is not an option and firms of all sizes need to take action. BIBA is looking at its own processes and we will shortly be working towards the Government’s Cyber Essentials accreditation so that we understand and mitigate our own risk.”

BIBA’s 2016 Manifesto has a number of commitments to mitigate cyber risk including acting as a sponsor for its members that want to join the Cyber Security Information Sharing Partnership – CISP and to promote the use of the Cyber Essentials scheme.  In addition, BIBA will be highlighting ways to build resilience against cyber-crime, including protection against cyber business interruption and using its position to improve recognition of the value, awareness and take up of cyber insurance protection.

White concluded; “Cyber risk is increasing in the UK and BIBA is committed to helping members and their customers protect themselves against it. To this end we are forming a BIBA Cyber Committee made up of technical experts from some of our specialist member firms which will monitor developments and provide guidance to members on current risks and insurance available.”

Ends

  • Click here for Steve White, BIBA CEO, opening address
  • BIBA press office:
    Pam Quinn, Communications Manager
    020 7397 0223
    quinnp@biba.org.uk
  • About the British Insurance Brokers’ Association

The British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.

BIBA membership includes just under 2,000 regulated firms

General insurance brokers contribute 1% of GDP to the UK economy and BIBA brokers employ more than 100,000 staff.

54% of all general insurance is sold by an insurance broker and they arrange 78% of all commercial insurance business.