Biba and CFC launch cyber insurance guide

At its annual conference this year, Biba has launched a cyber guide to help brokers get a better understanding of cyber risk.

Published in partnership with CFC Underwriting, the guide is designed 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.”

Biba has stated that cyber insurance is one of the most misunderstood covers, and because of that, it wants to bring simplicity to the business.

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.”

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 who place more than 90% of all commercial insurance in the UK. The guide will be hitting Biba member desks very shortly.”