A new report calls upon the United Kingdom government and cyber insurance marketplace to band together to form a catastrophe reinsurance fund to better combat cyber risk, especially on property damage, third-party liability, and business interruption.
Taking the economy’s reliance on information and communications technology as a given, a new report notes that our cyber world, while vital, is also vulnerable. That vulnerability has been met with improved cybersecurity practices available from a wide range of security firms, as well as a rapidly growing cyber insurance marketplace. However, for the insurance industry to fully address cyber risk, the report, developed by Long Finance and Z/Yen Group and sponsored by APM Group, asserted that a public-private partnership in the form of a catastrophe reinsurance pool would help.
Read more at http://www.advisenltd.com/2015/08/06/cyber-reinsurance-pool-recommended-to-boost-uks-coverage-options/
Ayers, Erin. ‘Cyber reinsurance pool recommended to boost UK’s coverage options’. ©2015 Advisen Ltd. 12 August 2015.
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