BIBA Works With CFC To Launch Cyber Insurance Guide For Brokers
The British Insurance Brokers’ Association (BIBA), in collaboration with CFC, has launched a new guide to help brokers understand cyber risks and the insurance solutions available to mitigate these risks...
Mike Hallam, BIBA’s Head of Technical Services said: “As our reliance on technology grows so does the potential for cyber related incidents. It is important for brokers and their customers to understand and be able to manage these new risks which is why we were delighted to be able to work with sector leaders, CFC to create this new guide. Brokers will also appreciate the advice in the guide on how to address common objections from clients as to why they need cyber cover.”
Taking on board that cyber insurance is for many one of the most misunderstood covers, the guide aims to cut through the jargon and bring simplicity to what has long been considered a complex line of business. Within it, brokers can learn about the evolution of cyber risk, read examples of cyber claims and appreciate how cyber policies work which will be invaluable in helping to identify client’s risks.
James Burns, Cyber Product Leader at CFC added: “Cyber insurance policies tend to be modular in nature, consisting of a variety of different coverage areas so it’s no wonder that this has led to confusion around what they cover and how they work. We wanted to provide straightforward and clear information about what cyber is all about and how brokers can articulate it to their clients.”
In its 2018 Manifesto, Engaging BIBA made a commitment to work with industry partners to make it easier for brokers and their customers to understand key differences in the cover available in cyber insurance policies and to share good practice to help cyber risks be managed.
Mike Hallam concluded: “The BIBA Cyber Insurance Focus Group, made up of cross-industry expertise, is addressing the challenges of this relatively new insurance market. This is a first concrete step to demystify this peril for brokers whop place more than 90% of all commercial insurance in the UK. The guide will be hitting BIBA member desks very shortly.”
Click here to view the Cyber guide
Visit us here: www.biba.org.uk