Since the last gathering of the Cyber Insurance Working Group, the members divided into Sub Groups to look at specific areas of the user journey, when accessing the new Guidelines. At this meeting, the members of the Sub Groups will feed back to the Main Group on their thoughts and recommendations with views on how the Guidelines / E-Platform should start to take shape.
This unique and enormously valuable Focus Group is helping to create a Standard, used by the Police to advise SME businesses on the best approach to Cyber Insurance, but also create an opportunity for participants 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.
The overriding mission of the focused cross Market 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.
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.
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.
- 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.
- 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.