26th January 2023

Hot on the heels of the publication of its new guide to cyber insurance, the British Insurance Brokers’ Association (BIBA) is urging brokers and businesses alike to take advantage of the market leading protection and support provided by its cyber insurance scheme provider of 20 years, CFC.

New BIBA research1 reveals 40% of respondents said clients that previously held cyber cover are no longer insuring their cyber risks due to the cost of living crisis. The call follows a BIBA Manifesto commitment to actively promote the new joint cyber insurance guide to encourage take up.

Graeme Trudgill, BIBA Executive Director, said: “It is concerning that businesses are cutting cyber cover when the risk is growing so we want them to understand the protection and wider everyday support that is available with leading cyber insurance.  Cyber insurance is not just about making a claim. CFC were the trailblazers in developing an in-house cyber threat monitoring and alerts capability for policyholders alongside its own inhouse 24/7 cyber incident response team. To date CFC’s monitoring has prevented over 12,000 incidents from occurring and potentially saving £millions in losses.”

BIBA’s Manifesto highlights that SMEs account for 96% of all cyber-attacks as they are often soft targets for criminals to extort money or are the back door, as suppliers, into to larger businesses.  Raising awareness among brokers about the value of the CFC scheme to protect both their own businesses and their customers will certainly help combat this risk.

CFC’s cyber development leader, Lindsey Nelson, added: “Many UK businesses are conscious in today’s environment that cyber is their number one exposure; yet take-up under budgetary constraints remains low. We have recognised in light of this that it’s not enough to simply offer great cover and have introduced cyber insurance protection and support that delivers to policyholders from day one. We continue to be committed to innovation in the cyber market which has contributed to sealing our scheme provider status with BIBA.”

Outlining some of the cyber innovations that will benefit policyholders, Trudgill said: “BIBA has always looked to support new innovations and since I launched this scheme in 2004 with CFC they have developed two decades of experience in building cyber insurance solutions and handling cyber claims.  This has made them one of the most established and experienced providers in the market. They are also forward looking and were the first to launch an app enabling policyholders to immediately notify an incident and access a wide range of cyber risk management tools and advice. They uniquely offer a publicly facing ‘Ransomware Calculator’ enabling SMEs – whether policyholders or not – to assess their specific risk.”

Nelson concluded: “Cyber insurance has never been more relevant and cyber is a key risk to consider including in customer discussions about their insurance. You don’t need to have a claim to get value from the policy.”

The new guide to help insurance intermediaries and small businesses understand the prevailing cyber risks and the protection and support given by cyber insurance is available from BIBA’s website and in print by request.


Notes to editors

  1. In late 2022, BIBA canvassed its members to identify the main areas where personal and commercial customers have sought to reduce or cancel their insurance cover because of the impacts of the cost of living crisis. More information is available in the Manifesto.
  2. For further information please contact BIBA’s press office
  3. Download BIBA 2023 Manifesto.

Pam Quinn

Head of Communications

020 7397 0223

[email protected]

Leighann Forsyth

Deputy Head of Communications

020 7397 0224
[email protected]

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  1. 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 around 1800 regulated firms, employing more than 100,000 people. General insurance brokers contribute 1% of GDP to the UK economy; they arrange 74% of all general insurance with a premium totalling £85.8bn and 93% of all commercial insurance business. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management.

BIBA receives hundreds of thousands of enquiries per year to its Find Insurance Services, online and via the telephone, which are directed to insurance broking firms.

BIBA is the voice of the sector advising members, Government, regulators, consumer bodies and other stakeholders on key insurance issues.


  1. About CFC

CFC is a specialist insurance provider, pioneer in emerging risk and market leader in Cyber. CFC’s global insurance platform uses cutting-edge technology and data science to deliver smarter, faster underwriting and protect customers from today’s most critical business risks.

Headquartered in London with offices in New York, Austin, Brussels and Brisbane, CFC has over 600 staff and is trusted by more than 100,000 businesses in 90 countries. Learn more at cfcunderwriting.com and LinkedIn.


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