The guidance published by NCSC highlights the 7 cyber security questions organisations should be asking if they are considering purchasing cyber insurance. It captures the close relationship between security and insurance providers necessary to deploy robust cyber resilience in businesses. The important role of members is described on the NCSC’s website in a quote from BIBA; “Insurance brokers can provide support and advice to firms looking for cover and in turn businesses benefit from reducing the impact of disruption caused by a cyber-attack.”
BIBA continues to work closely with Government departments to support the uptake of cyber insurance in order to increase UK firms’ cyber resilience. To that end BIBA promotes the key role of brokers to give businesses advice about the right cyber insurance cover and access to insurer markets. The Cyber Security Breaches Survey 2020 produced by the Government department for Digital, Culture, Media & Sport (DCMS) reflects the value of brokers in its annual survey results; describing brokers as “a trusted third party” and how “decisions around cyber insurance were often strongly influenced by insurance brokers”. BIBA will continue to promote brokers to community stakeholders in this way and update its own guidance to members.
Other sources of interest :
BIBA members can access market leading cover for their clients, many case studies and claims examples, as well as friendly expertise from CFC Underwriting, BIBA cyber insurance scheme providers.
See also our members’ guide for cyber insurance
