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.
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.
CRIF is providing useful information and articles covering Cyber Risk & Insurance. This article comes from our Underwriting Committee
This article looks at the issues that need bearing in mind when underwriting and we hope it will provide some insight into how cyber insurance risks are underwritten and what good underwriters look for when analysing submissions.
The RISC Authority, with the support of the Cyber Risk and Insurance Forum (CRIF), has produced new guidance on Cyber, IT Risk and Insurance that will help insurers and business.
The guidance entitled ‘S28 Cyber crime: overview and sources of support’ provides information without jargon on the threats being faced by business and looks at the typical impacts seen.