It’s a start, but I’d recommend talking to a specialist broker about cyber risk…:
The British Insurance Brokers’ Association (Biba) has launched a new guide to help brokers understand cyber risks and the insurance solutions available to mitigate these risks.
The guide has been created in collaboration with CFC, the specialist insurance provider behind the trade body’s cyber insurance scheme,
According to Biba, cyber insurance is, for many, one of the most misunderstood covers and its guide aims to cut through the jargon and bring simplicity to the business.
It detailed that the offering informs brokers about the evolution of cyber risk, has examples of cyber claims and looks at how cyber policies work which it claimed will be invaluable in helping to identify client’s risks.
Mike Hallam, Biba’s head of technical services said: “As our reliance on technology grows so does the potential for cyber related incidents.”
Adding: “Brokers will appreciate the advice in the guide on how to address common objections from clients as to why they need cyber cover.”
James Burns, cyber product leader at CFC added: “Cyber insurance policies tend to be modular in nature, consisting of a variety of different coverage areas so it’s no wonder that this has led to confusion around what they cover and how they work. We wanted to provide straightforward and clear information about what cyber is all about and how brokers can articulate it to their clients.”
The publication follows on from Biba’s commitment on the topic in its 2018 manifesto.
Hallam concluded: “The Biba Cyber Insurance Focus Group, made up of cross-industry expertise, is addressing the challenges of this relatively new insurance market. This is a first concrete step to demystify this peril for brokers who place more than 90% of all commercial insurance in the UK.
“The guide will be hitting Biba member desks very shortly.”