The Cyber Committee discussed new ransomware guidance for businesses and brokers created by BIBA, IUA (International Underwriting Association) and ABI (Association of British Insurers) with the National Cyber Security Centre (NCSC). This is a first of its kind collaboration between Government and the insurance industry https://www.biba.org.uk/technical-updates/ncsc-guide-on-ransomware/ The guidance aims to minimise the disruption and cost to businesses of a ransomware incident and reduce the number of ransoms paid to cyber criminals by UK ransomware victims.
MP Stephen McPartland Cyber Roundtable
BIBA thanked Cyber Committee members who attended the Roundtable with Stephen McPartland MP. This helped inform Government and DSIT (Department for Science Innovation and Technology) about the crucial role of brokers who supported UK cyber resilience by engaging with their clients on cyber insurance.
Building Cyber Expertise in a Brokerage
The Cyber Committee considered how best to support broker confidence to engage with cyber insurance. Only 6-11% of SMEs buy standalone cyber insurance according to Government sources, meaning brokers have a rare new, new business opportunity. At the same time, there is good access to comprehensive cover including threat monitoring and vulnerability scanning. Some members have started cyber practices providing an opportunity for young brokers to make their mark. The Cyber Committee thought there needs to be more online discussion and learning by the experience of others; emphasising discussion not training. BIBA is looking to engage with the CII on cyber insurance education.
Pool Re – Cyber Re Proposal – Systemic Risk Cover
The Cyber Committee welcomes proposals from the insurance industry to tackle systemic risk (e.g. core internet failure, a state-backed cyber attack, etc). BIBA and the Cyber Committee will review these proposals and give feedback. Given the need for primary legislation to fund a Cyber Re model involving raising levies from insurers and thereby insurance buyers, we would expect Government to consult on detailed proposals.
BIBA welcomes agenda items from members to discuss with the Cyber Committee at future meetings
