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Insurance Working Group

The Police Digital Security Centre (PDSC) is taking part in an industry-led Working Group. Its aim; to develop a national cyber insurance standard for Small and Medium-sized Enterprises (SMEs). As businesses suffer cyber-attack or breach, cyber insurance is becoming a consideration for firms seeking to protect themselves from the consequences of an attack or breach.

How to find a policy that provides the appropriate level of coverage for SMEs? Hence, PDSC approached London Market Forums (LMForums) to help define a new national ‘cyber security standard’. The new standard, as developed by the Working Group, would allow SMEs to make a more informed decision when choosing cover. The group comprises some of the most well-known cyber insurers in the country and is sponsored by Cyber Risk Aware; and CyGlass, recently acquired by Nominet.

Simon Newman, Head of Cyber and Business Services at Police Crime Prevention Initiatives (PCPI) that PDSC is part of 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.”

And 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.”

The first meeting of the Working Group runs on Thursday afternoon, June 25, and further meetings due in July, September and October.


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