The Police Digital Security Centre (PDSC) is proud to support and participate in a new industry-led Working Group to develop a national cyber insurance standard for Small and Medium-sized Enterprises (SMEs).
With almost half of all businesses having suffered at least one cyber-attack or breach in the past year, cyber insurance is becoming an increasingly important consideration for firms seeking to protect themselves from the consequences of an attack or breach.
However, with the cyber insurance industry expected to grow rapidly over the next few years, finding a policy that provides the appropriate level of coverage for SMEs can be challenging.
To overcome this issue, PDSC approached London Market Forums (LMForums) to help define a new national ‘cyber security standard’. The new standard, which will be developed by the Working Group, will allow SMEs to make a more informed decision when choosing cover. The Working Group comprises some of the most well-known cyber insurers in the country and is sponsored by Cyber Risk Aware and CyGlass.
Simon Newman, Head of Cyber and Business Services at Police Crime Prevention Initiatives (PCPI) said “SMEs are becoming increasingly aware of the importance of cyber insurance as the impact of a breach or an attack can be catastrophic, yet it can often be difficult for SMEs to work out the appropriate level of coverage they need to protect their business. This Working Group is a fantastic example of the industry coming together to help SMEs reduce their vulnerability to cyber-crime and we’re delighted to be working with LM Forums and insurers in making the UK one of the safest places to do business online.”
Roger Oldham, Founder of LMForums said “This is such an interesting and topical matter for our Members. Cyber Insurance is a significant component in the resilience toolkit, often providing businesses with far more than simply a risk transfer mechanism, but a complete support package, both pre and post breach. We are delighted to be working with the PDSC, to help bring the insurance market together, to develop a cyber insurance standard for Small and Medium Enterprise businesses. Our insurance market knowledge sharing and networking hub brings thousands of insurance professionals together annually, to learn, network and collaborate. This Cyber Insurance Working Group will bring great benefit to businesses across the United Kingdom.
The first meeting of the Working Group takes place on 25 June, with further meetings scheduled throughout the summer and early autumn.