Guide December 7, 2022

Cyber insurance guide, in collaboration with BIBA

In the guide, you will learn about a threat landscape that actively targets small business and is willing to follow through with threats, but also how ‘cyber insurance as a service’ makes it straightforward to protect businesses from criminal attacks.

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Cyber is often cited as the number one risk businesses face today. Yet cyber insurance seems to be one of the most misunderstood, and with good reason. It is an area associated with jargon and what feels like a whole lot of complexity, as insurance products have rapidly evolved to adapt to a changing threat landscape. A business is much more likely to fall victim to a ransomware or social engineering attack than their building burning down.

Cyber insurance has evolved from a reactive to a proactive solution that works from the moment a business buys a policy. The threat landscape has changed drastically. Businesses are being targeted because they’re vulnerable, rather than valuable. Never in history has there been the level of collaboration between insurers, government and private sector in combatting cybercrime.

What hasn’t changed, is that cyber insurance has never been more relevant and important for UK businesses.

At CFC, we’re proud to say that our team has grown to more than 100 cyber underwriters around the world since the last edition of this guide. Our cyber
security and incident response division now includes over 100 threat analysts, forensic specialists and security engineers spanning three continents, available around the clock to detect, prevent and respond to cyber security incidents for our customers. Our unwavering commitment to cyber as a class of business has remained stronger than ever.

BIBA and CFC hope this guide serves to take your understanding of cyber to the next level. Throughout this guide you’ll find everything from how to recognise how cyber products work, claims case studies, the context behind why cybercrime exists and how to have more informed discussions between businesses and brokers.

You can read the full release from BIBA on their website.

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