Tag Archives : consultation

Cyber security is an enterprise risk, FERMA tells the European Commission

Cyber security requires an enterprise-wide approach, and the risk manager’s role is to help the company achieve effective, data-based enterprise risk management, the Federation of European Risk Management Associations (FERMA) has told the European Commission.

Click above to read the FERMA response to the Commission’s consultation on public-private partnerships in cyber security

Click above to read the FERMA response to the Commission’s consultation on public-private partnerships in cyber security

In its response to the Commission’s consultation on public-private partnerships in cyber security concluded last week, FERMA stated: “Businesses have difficulties with reaching a basic level of protection often due to a lack of risk insights and data driven risk mitigation.”

FERMA President Jo Willaert, commented: “The boards of organisations need to understand that cyber risk is not only an IT risk; it is an enterprise risk. In that respect, we advocate a central role for the risk management function. Without being an IT specialist, the risk manager provides expert advice to support the board and the CEO. He or she is working hand in hand with the operational units such as IT, legal and internal audit.”

FERMA stressed that this overview of cyber risks across an organisation, including into the supply chain, is critical especially with the development of the Internet of Things. Using  scenario-based analysis, the risk manager can quantify the overall cyber risk exposure and validate mitigation strategies on an enterprise basis.

FERMA also argues that public intervention is necessary in order to help organisations cope with the challenge of cyber risks. It urges the development of:

  • A framework for the clarification of cross-border liabilities in cyber incidents;
  • A global set of rules for cyber risk assessment that would safeguard confidentiality in incident disclosure and insurance claims;
  • The incorporation of cyber risk governance in legislation and guidance to create an integrated approach to the threats from top to bottom of the organisation.

Jo Willaert said: “Cyber threats are now of a systemic nature. Businesses, governments and insurers, therefore, need to collaborate. We must act now.”

CONTACTS
Ms Typhaine Beaupérin, FERMA CEO: typhaine.beauperin@ferma.eu, tel: +32 (2) 761 94 31
Lee Coppack, press contact: lee@coppack.co.uk, tel: +44 208 318 0330/ +44 7843 089904
All FERMA press releases can be found here.


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FERMA has called for renewal of the Insurance Block Exemption Regulation (IBER) for (re)insurance pools in its response to the European Commission consultation exercise.

The Commission launched the consultation in August (see here) to begin its assessment whether the claimed benefits for the insurance market and customers of insurance pooling still justify the special treatment they receive from EU competition authorities. Thirty-six organisations have provided their responses (consultable here) and the Commission must provide a report to member states before 31 March 2016 with the objective of deciding on its renewal in 2017. Continue reading


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The Commission launched a consultation in August to begin its assessment whether the claimed benefits for the insurance market and customers of insurance pooling still justify the special treatment they receive from EU competition authorities. The Commission must provide a report to member states before 31 March 2016 with the objective of deciding on its renewal in 2017. Continue reading


Coinsurance: new review of Insurance Block Exemption

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The IBER is a sector-specific legal instrument that grants an exemption from EU antitrust rules for insurance practices like co(re)insurance pools, compilations and tables. The first IBER dates back to 1991 and was renewed in 2003 and 2010. Continue reading