Introduction

The Cyber Risk & Insurance Forum (CRIF) is dedicated to raising the awareness of information assurance within the Cyber Insurance market and Risk Management community through raising cyber security awareness and developing best practice guidelines.

Through encouragement of improved information assurance we are promoting a more complete vision of good practice that connects technology and organizations more effectively and supports the development of a robust digital economy that can be relied on to perform and deliver value. Our digital economy is increasingly dependent on technology and the pace of change is accelerating with more convergent technologies emerging and adoption increasing around the world. This 'smart tech' revolution can bring significant opportunities to business and users, but the pace of change can outstrip the ability to manage the associated risks.

Accountants & Solicitors Ignore Cyber Risks

By Duncan Sutcliffe

As an insurance broker my clients expect me to appraise what is valuable and important to their business, assess the potential threats, the consequences of an incident and then advise on ways to reduce the risks and recommend relevant insurance to mitigate any potential losses. When it comes to Cyber Risk - and despite the constant warning from government, experts and the media - getting business owners to act responsibly is tough.

PRA challenges firms on silent Cyber risk

Insurance firms need to act on cyber risk

The Prudential Regulation Authority (PRA) is proposing and a new supervisory statement (SS) setting out its expectations for the prudent management of cyber underwriting risk in a new consultation paper.

New British Standard BS 31111 for Cyber Risk and Resilience

A major new British Standard [BS 31111] is in development to help senior executives and risk managers improve their cyber risk management and build the cyber resilience of their organizations.

Over the past year, the BSI Risk Management Committee has been working on developing new guidance that aims to help top executives better understand and manage the technology risks to their organizations.

Cyber Risk Legal Update - 2016

Cyber Risk legal update | May 2016

Government pushes Cyber Security Strategy

2016 sees the launch of the UK's second National Cyber Security Strategy. The first was launched in 2011 as a result of the 2010 National Security Strategy, which identified cyber crime as one of the top threats to the UK.

WEBCASTS | Cyber Risk Insurance | BI Insurance, Claims & case studies

CRIF WEBCAST

This Webcast provides a brief introduction to the often intangible nature of cyber disruption and what this means to your business.

More and more business interruptions are being caused by the effect on an IT event. In this short series of videos we look at how this is changing business and what firms can do to help protect themselves.

WEBCAST | Cyber: a review of the market

This Webcast looks at how the cyber insurance market has developed over the past 10 years. Sarah Hewitt and Matt Hogg discuss how cyber cover can vary, what makes a good policy and what the future may hold.

CRIF making waves with Chairman Matt Hogg - Powerlist 2016

Leading insurance industry Magazine POST has published its annual Power List for 2016.

Andrew Bailey, CEO of the Financial Conduct Authority, takes top spot with the CEO's of Towergate, AIG, Aviva, Lloyds, Axa and Marsh all featuring in the top 10. Chancellor of the Exchequer, George Osbourne features at number 9.

PWC Global State of Information Security Survey 2016 report

2016 Global Survey from PWC

As threats continue to mount, understanding and managing cybersecurity risks have become top of mind for leaders in business and government.

Organisations are responding by taking action adopting innovative technologies like cloud-enabled cybersecurity, Big Data analytics and advanced authentication to reduce cyber-risks and improve cybersecurity programmes.

PWC Insurance 2020 report | reaping the dividends

Reaping the dividends of Cyber Resilience

Businesses across all sectors are beginning to recognise the importance of cyber insurance in today’s increasingly complex and high risk digital landscape.

In turn, many insurers and reinsurers are looking to take advantage of an opportunity to secure new business with potentially good margins in an otherwise soft market.

Report recommends Public-Private Reinsurance scheme to support UK prosperity

A new Long Finance report finds that a public/private cyber catastrophe reinsurance scheme would support UK cyber prosperity while adding clarity and certainty in the insurance market

This is the conclusion of the Z/Yen Group/Long Finance report titled "Promoting UK Cyber Prosperity: Public-Private Cyber-Catastrophe Reinsurance".

Only 2% of business are properly insuring for Cyber Risks

That is the shocking conclusion from the panel session held at the recent CBI Cyber Security Conference.

The panel session was chaired by Matthew Fell, Policy Director, CBI and included Giles Smith, Deputy Director Cyber Security and Resilence from DCMS and Steven Wares, Head of Cyber Practice, EMEA, Marsh. London, June 2015.

Systemic Risks | Underwriting Committee

Cyber Risk Underwriting - CRIF Committee

CRIF is providing useful information and articles covering Cyber Risk & Insurance. This article comes from our Underwriting Committee

This article looks at the issues that need bearing in mind when underwriting and we hope it will provide some insight into how cyber insurance risks are underwritten and what good underwriters look for when analysing submissions.

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Cyber Essentials scoops Industry Award

The government backed Cyber Essentials scheme has been recognised with the Editors Award from SC Magazine.

The scheme was developed by BIS and CESG to help businesses put in place practical measures that have been proven to help protect against cyber risk following an extensive period of industry consultation.

NEW RISCAuthority Guidance for Insurers and Business

The RISC Authority, with the support of the Cyber Risk and Insurance Forum (CRIF), has produced new guidance on Cyber, IT Risk and Insurance that will help insurers and business.

The guidance entitled ‘S28 Cyber crime: overview and sources of support’ provides information without jargon on the threats being faced by business and looks at the typical impacts seen.

Cyber Risk & Insurance

IT risk does not exist in isolation, it is part of the risk that surrounds us, yet for many organizations the perception is that it is separate. This attitude persists across business with a general failure to properly consider the impact of a major Cyber incident being far too commonplace. With technology driving convergence and integration managing Cyber Risk has to be a shared responsibility

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The Cyber Risk and Insurance Forum are working to create change and help organisations manage cyber risk and insurance more effectively to security improved security and profit.

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