The Society of Insurance Broking (SIB) has produced a good practice guide explaining what brokers need to do to ensure the cyber cover they recommend is suitable for their clients' needs.
The Society of Insurance Broking (SIB) has produced a good practice guide explaining what brokers need to do to ensure the cyber cover they recommend is suitable for their clients' needs.
The guide explains that, while all businesses need to understand their specific cybersecurity liability, brokers must be prepared to provide specific and customised cover, considering the unique impact a cyber-related incident could have on their client.
The guide explains that cybersecurity insurance should include cover for business interruption, multimedia liability or other reparation costs and must also consider making provision for future threats.
Four key priorities for broking cybersecurity cover, including security provisions for clients, are outlined.
They are:
- Maintain good compliance with General Data Protection Regulation
- Provide relevant cyber coverage
- Understand how to respond to a cyber incident
- Don't forget the basics.
For more information and to read the report, visit: sib.org.uk/87864