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By Duncan Sutcliffe
As an insurance broker my clients expect me to appraise what is valuable and important to their business, assess the potential threats, the consequences of an incident and then advise on ways to reduce the risks and recommend relevant insurance to mitigate any potential losses. When it comes to Cyber Risk - and despite the constant warning from government, experts and the media - getting business owners to act responsibly is tough.
Over the past year, the BSI Risk Management Committee has been working on developing new guidance that aims to help top executives better understand and manage the technology risks to their organizations.
As threats continue to mount, understanding and managing cybersecurity risks have become top of mind for leaders in business and government.
Organisations are responding by taking action adopting innovative technologies like cloud-enabled cybersecurity, Big Data analytics and advanced authentication to reduce cyber-risks and improve cybersecurity programmes.
On 16th July the Government announced a new Innovation Voucher scheme. This complements an existing scheme and enables SMEs to apply for funding towards the cost of cyber security advice and certification, including Cyber Essentials. The current round for applications closes at midday on 20 October.
A new Long Finance report finds that a public/private cyber catastrophe reinsurance scheme would support UK cyber prosperity while adding clarity and certainty in the insurance market
This is the conclusion of the Z/Yen Group/Long Finance report titled "Promoting UK Cyber Prosperity: Public-Private Cyber-Catastrophe Reinsurance".
That is the shocking conclusion from the panel session held at the recent CBI Cyber Security Conference.
The panel session was chaired by Matthew Fell, Policy Director, CBI and included Giles Smith, Deputy Director Cyber Security and Resilence from DCMS and Steven Wares, Head of Cyber Practice, EMEA, Marsh. London, June 2015.
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