ABI details Cyber Risk Insurance on its website
The Association of British Insurers (ABI) has updated its website with regards to Cyber Risk Insurance in the last few days. Whilst content is restricted, comment is made not only on insurance, but on UK and EU Cyber Risk initiatives, risk management and coverage available.
Interestingly, ABI has referenced the fact that Reputational Damage is also insurable within the market, which has frequently been missed by many commentators. On the other hand. it barely references privacy exposures in general terms and limits any such reference to "digital data".
The ABI highlights government estimates that 93% of large corporations and 76% of small businesses reported a cyber breach in 2012 with the scale of loss for large corporates in the range of £110,000 to £250,000. For msaller organisataions the cost of a cyber breach was between £15,000-£30,000.
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When we started CRIF last year, US based publications [insurance and infosec] asked how CRIF could help a North American cyber liability market that was already 7-8 yrs old.
I made the point that the US market is very much led by third-party policies [as defined in the UK] and that first / third party would predicate better risk management.