French and British initiatives are taking the role of insurance for cyber risks into account in their national strategy for cybersecurity.
In June 2014, the UK Government launched a joint initiative with some major British insurers to increase the level of IT security in UK companies. Called the Cyber Essentials scheme, it is based on certificates and will ensure that certified organisations have a certain amount of security measures in place. Cyber Essentials has been developed in close consultation with the insurance industry and is backed by AIG, Marsh, Swiss Re, the British Insurance Brokers’ Association (BIBA) and the International Underwriting Association (IUA). Continue reading