A group of European industry bodies including BIPAR (European Federation of Insurance Intermediaries), FERMA (Federation of European Risk Management Associations), and Insurance Europe have published a guide to help organisations better evaluate their cyber security posture and need for cyber insurance.
The guide, published in association with Aon and Marsh, is titled ‘Preparing for cyber insurance’ and outlines how organisations with an interest in accessing cyber insurance can best prepare for discussions with insurance intermediaries and insurers.
It also provides tools to help organisations evaluate cyber insurance offers and how they may translate in practice.
“This guide is the first of its kind, and is a joint effort by risk managers, insurers and intermediaries to help organisations effectively discuss their cyber insurance needs,” said Jo Willaert, President of FERMA.
“Our ambition is to support insurance buyers in selecting the insurance solutions that are the best adapted to their needs.”
Michaela Koller, Director General of Insurance Europe explained how there are various tools available to enhance an organisation’s resilience, of which cyber insurance is one.
“We hope this guide will help organisations to decide the level of protection they require,” Koller added.
Ulrich Zander, Chair of BIPAR, commented, “In the cyber risk and cyber insurance market, which is a new and quickly changing environment, this brochure gives a general indication of the complexity and provides a starting point for a good dialogue about how insurance intermediaries can assist clients in this specific area.”
Onno Janssen, Aon’s Chief Executive Officer of Risk Consulting & Cyber Solutions EMEA, said, “The growing cyber threat and its potential impact continues to generate concern in boardrooms, with the need for leaders across business functions to take an enterprise-wide approach to cyber risk.”
“Organisations should make an informed decision when considering cyber insurance, and how it responds to their cyber risk scenarios, so that they can prepare for, and mitigate against a cyber incident.”
Flavio Piccolomini, President Marsh International, added, “Policymakers, businesses and the insurance industry each have a role in helping society deal with the challenges of a rapidly evolving cyber risk landscape.”
“Within the insurance industry, we need to improve information sharing about the added value of cyber insurance. Marsh welcomes initiatives that contribute to a more cyber resilient Europe.”
