Modern Insurance Magazine


BIBA and CFC come together to highlight why businesses need cyber insurance


BIBA and CFC come together to highlight why businesses need cyber insurance

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The British Insurance Brokers’ Association (BIBA) has worked with CFC, the specialist cyber insurance provider behind BIBA’s cyber insurance scheme, to publish a new guide helping insurance intermediaries and small businesses understand the intricacies of prevailing cyber risks, and the protection and support that is given by cyber insurance.

The guide will help brokers and businesses alike learn about the threat landscape that actively targets small business, and also how ‘cyber insurance as a service’ makes it straightforward to protect a business from criminal attacks.

Shaune Worrall, BIBA’s Technical Services Manager said:

“Our aim is to help brokers help customers understand the importance of cyber insurance. BIBA’s 2022 Manifesto highlighted cyber as one of the most significant and financially disruptive threats to UK businesses and we committed to work on this guidance with CFC. The guide is a helpful tool for insurance brokers to help businesses who might not have had the confidence or seen the need to engage with cyber insurance so far.”

The guide addresses the fact that many businesses misunderstand the application of cyber cover by using case studies to show the risks businesses face and the power of cyber insurance if there is a cyber-attack. To cut through the jargon, it also includes a comprehensive glossary of terms.

Lindsey Nelson Head of Cyber Development at CFC added:

“Cyber is often cited as the number one risk that businesses face yet a lack of understanding leads to businesses going without suitable insurance protection that can actually provide services that prevent a cyberattack from happening to them in the first place.  The threat landscape has changed drastically, and businesses are being targeted because they’re vulnerable, rather than valuable.  Cyber insurance has never been more relevant for small businesses in the UK.”

BIBA’s cross-sector Cyber Committee monitors cyber risk and ways of increasing the uptake of suitable insurance. Making it easier to understand why cybercrime exists and to recognise how cyber products work is a big step forward in getting more businesses protected.

The new guide is available online from BIBA with printed copies available when BIBA members need to share them with customers.

Content provided by The British Insurance Brokers’ Association.