The International Underwriting Association has backed a new government project to promote better management of cyber risk.
The Cyber Essentials scheme defines basic cyber security standards and offers a certification process which business can use to show they are taking the threat seriously.
Launching the scheme, David Willetts, the Universities and Science Minister, said some insurers are already incorporating Cyber Essentials into their business process and offering incentives for clients to become independently assessed and certified.
Dave Matcham, IUA Chief Executive, said: “Cyber security is a subject of great interest to IUA members and in recent months we have seen a growing number of queries on the topic from firms across a range of underwriting disciplines.
“Consequently the association has established a new Cyber Underwriting Group for practitioners to meet and discuss issues surrounding digital risk and the insurance industry’s response to such threats.
“The Cyber Essentials scheme will help businesses differentiate themselves and allow them to let insurers know they have taken steps to become cyber secure.”
Cyber Essentials identifies five key mitigation strategies to guard against the most commonly seen Internet-based security risks. It identifies clear controls that organisations must have within their IT systems to be confident that, at a basic level, they are addressing cyber security effectively.
Mr Willetts said: “The recent GOZeuS and CryptoLocker attacks, as well as the Ebay hack, show how far cyber criminals will go to steal people’s financial details, and we absolutely cannot afford to be complacent.
“We already spend more online than any other major country in the world, and this is in no small part because Britain is already a world leader in cyber security. Developing this new scheme will give consumers further confidence that business and government have defences in place to protect against the most common cyber threats.”
About the IUA
The International Underwriting Association of London (IUA) represents international and wholesale insurance and reinsurance companies operating in or through London. It exists to promote and enhance the business environment for its members.
The IUA’s London Company Market Statistics Report shows that premium income for the company market in 2012 was £17.993bn with a further £6.232bn controlled by London but written elsewhere. These results are based on a comprehensive survey of 62 companies and give an overall intellectual and economic premium total of £24.225bn for the London company market.
Further information on Cyber Essentials is available at: https://www.gov.uk/government/publications/cyber-essentials-scheme-overview