Cyber Insurance Working Group

About

We are delighted to share with you some exciting news about the formation of a new Special Cyber Insurance Working Party, developed in partnership with the Police. This is a unique chance to be part of a small but enormously valuable Focus Group that will not only help create a Standard, used by the Police to advise SME businesses on the best approach to Cyber Insurance, but also create an opportunity for your firm to build a valuable relationship with the Police who interface with thousands of businesses through the UK.

In addition, the Police are considering the possible “endorsement” or “accreditation” of those firms who in the Group. This Special Group will meet four times, most probably all virtually. The first gathering (only 75 mins) will take place on Thursday 25th June at 2pm, 16th July, 10th September and 1st October.

The overriding mission of the focused cross Market Group Working Group is to ensure that SMEs are given some initial guidance by the Police, allowing the company to make some initial decisions about the purchase of Cyber Insurance, as well as have access to a number of trusted providers who can offer them cyber insurance that is appropriate for their level of risk. Overall, this is about raising the level of awareness of cyber insurance amongst the SME community, specifically via the Police, who engage with businesses extensively throughout the year. In London, The Police Digital Security Centre have embarked on a huge project in conjunction with the London Mayor’s Office and this has meant that they are in communication with thousands of businesses soon.

The Police are about to issue a Press Release, announcing this Working Group. After the fourth session, the Group can collectively decide if it wishes to continue meeting, periodically, to review the Standard, or disband.

We are enormously grateful to Cyber Risk Aware and CyGlass for supporting this Group. These organisations bring a wealth of knowledge to the Group and will be the only people involved, outside of the insurance market.

Background

The ABI produced a Guide 4 years ago, but the Police feel that times have moved on since then, in terms of cyber and it’s time we pulled some industry heads together to come up with a new viewpoint. It’s nice to think the Police Digital Security Centre have approached LMForums and therefore the London Market to help gain a better understanding of this class of business and how best they can advise those wishing to purchase cyber coverage.

Ideally we’d like to establish a definition of what “a good' cyber policy looks like (in addition to producing a London Market styled alternative to the ABI guide) and help the Police understand how best to guide businesses towards the most appropriate providers/coverage for different types of business - from start ups to mid sized enterprises.

Goals

  • Establish the key principles of what a good cyber insurance policy should include (such as essential terms in each policy, level of cover, exclusions etc). The ABI produced a document aimed specifically at SMEs (link below) which was a helpful start, but was published 4 years ago. (Click here to download a copy.)
  • Establishing a framework that helps different business navigate through the decision making process and determine the best approach to cyber insurance selection. This is likely to contain some high level overarching principles (applies to everyone), a decision matrix focused on coverage selection (bespoke cyber insurance coverage or coverage as part of a business insurance policy), and then potentially guidance aimed at SME’s, sole traders and other business types.
  • A guidance to selecting the appropriate sums insured and the need for policy extensions, such as the varying types of breach response.

Why get involved?

  • Help make a valuable contribution in the production of a high level advisory document for use by the Police Digital Security Centre in advising businesses in the UK on the subject of cyber insurance
  • Bring attention to your business and build a relationship with the Police and other agencies
  • Subject to meeting certain standards determined by the Police, received formal recognition for your participation
  • Make new and important contacts through your participation on the Working Group

‘Accredited’ Providers

  • The Police recently launched a scheme for cyber security vendors who can apply for a police and BSI-badged certificate to show that they are a trusted provider. An assessment of the organisation and their products or services is done independently and mirrors the ‘Secured By Design’ scheme they’ve been running across policing for the past 30 years. The aim of the scheme is to provide SMEs with a list of vendors who can support them with more technical help should it be required, ensuring that businesses make the right decisions when purchasing cyber insurance coverage and ensure these businesses don’t end up buying something inappropriate for their needs. The Police are looking to set something up for brokers and insurers and they are keen to discuss and develop this with the Working Group.

Group of Experts / Panel

  • LMForums and the Police see this Working Group as an important panel of experts who can also advise on new insurance products and coverage coming onto the market and also help them understand whether these covers/products are fit for purpose. The Police believe that this virtual group would offer an invaluable service to SMEs in the UK.
  • There is the potential to look at future collaborations with the Police and UK businesses, such as attending roadshows, conferences and advice surgeries, as well as helping produce learning materials.

Do I qualify for the Group and next steps?

If you are an underwriter or broker specialising in the Cyber class of business, we would welcome your involvement with the Working Group. We only aim to have a small number of carriers and brokers on the Group. It’s small amount of time involved - probably no more than 4 X 75 min sessions (or less) and it would bring considerable profile to your business. The London Market has a wealth of knowledge to share.

Spaces are very limited on this Group and participation will be on a first come, first served basis. Complete the enquiry form, if you are interested, and we’ll get back to you.

Despite the pandemic and the Market working from home, we are still creating great content and generating networking opportunities.

Every year, LMForums has brought thousands of insurance professionals together in the UK to discuss, debate and collaborate on topics of mutual interest in the community. During this period of extended remote working for many of us, we have converted these valuable sessions into virtual events. Bringing groups of experienced and like minded people together has proven to be extremely beneficial for both individuals and their companies. You don’t need to be a Member of LMForums to join in, but you are welcome to join - it’s free for all insurance professionals, globally.

Join us on 25th and be part of a uniquel gathering. We have great guest speakers and lots of time for an open roundtable debate. Places at all LMForums events go quickly, so reserve your space around the table today.

Cyber Insurance Working Group


Location

Online

Date and Time

25th June 2020
2:00pm - 3:15pm




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