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So, it’s finally here. After months of build-up, BIBA 2018 is under way – and we didn’t have to wait long for exciting news for brokers.
Those struggling to get their head around all things cyber have been handed a massive lift courtesy of a new cyber insurance guide, launched by BIBA in collaboration with CFC. The idea is that it can help brokers understand the risks involved in the sector and the insurance solutions that can help mitigate these risks.
“As our reliance on technology grows so does the potential for cyber related incidents,” said Mike Hallam, BIBA’s head of technical services. “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.”
The idea behind the guide is to cut through the jargon and offer some simplicity to what has long been seen as an overly complex product.
“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,” said James Burns, cyber product leader at CFC. “We wanted to provide straightforward and clear information about what cyber is all about and how brokers can articulate it to their clients.”
“This is a first concrete step to demystify this peril for brokers who place more than 90% of all commercial insurance in the UK,” added Hallam. “The guide will be hitting BIBA member desks very shortly.”
