The FISMA Focus IPD

        On 5 November, Francis Maude, Minister for the Cabinet Office with responsibility for the UK Cyber Security Strategy, co-hosted a summit of CEOs from the UK’s insurance sector in conjunction with Marsh, the insurance broker and risk adviser, to discuss how the sector can help ensure that the UK is one of the safest places to do business in cyberspace.

Today’s event is the first of its kind and marks closer collaboration between government and industry to help promote the growth of the cyber insurance market as a means of improving cyber security risk management. The insurance sector is in a strong position to drive improvements in cyber security risk management. The sector recognises the role it can play in improving good practice by asking the right questions of customers in relation to their cyber breach and operational risk policies.

Cyber threats pose a considerable risk to UK companies and industry is by far the biggest victim of cyber crime. 81% of large businesses and 60% of small businesses suffered a breach in the last year with the average cost of breaches to business nearly doubling since last year (see the 2014 Information Security Breaches Survey).

        Minister for Cabinet Office, Francis Maude said:

Protecting the cyber security of UK businesses is an important part of this government’s long-term economic plan – we want the UK to be one of the most secure places in the world to do business. We want to support the growth of a cyber insurance market in the UK so we are very pleased to come together with the UK’s world-renowned insurance sector. Cyber insurance does not replace the need for good cyber security practice but is an added protection for businesses in the event of breaches.