Ferma has published a guide to buying cyber insurance to help organisations better prepare submissions for insurers and evaluate cyber cover.
Awareness of cyber risk is growing, given high-profile cyber events like the 2017 global malware attacks or the recent data breach at Facebook, as well as growing regulation such as the General Data Protection Regulation. However, many companies still struggle to translate their cybersecurity concerns into concrete action, according to Ferma.
Purchasing cyber insurance can be a frustrating process for risk managers. Insurance buyers do not like lengthy questionnaires and often do not understand the information required by insurers. They also find it difficult to compare offerings and decide on the degree of cover and services they require, according to Philippe Cotelle, Ferma board member and head of insurance risk management at Airbus Defence and Space.
Similarly, insurers are sometimes frustrated by the answers companies give when filling in proposal forms and questionnaires, he told CRE. The information provided can be “vague or light”, and therefore does not help insurers take a view on the quality of risk, added Mr Cotelle.
Ferma ’s new Preparing for Cyber Insurance guide aims to smooth discussions with brokers and insurers. It is also intended to help companies differentiate between the cyber insurance on offer. Unveiled at the federation’s seminar in Antwerp this week, the guide has been produced in collaboration with the European Federation of Insurance Intermediaries (Bipar) and insurance body Insurance Europe, as well as brokers Aon and Marsh.
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