UK:
UK Government Reports On Cyber Risk Insurance
15 April 2015
Shearman & Sterling LLP
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On March 23, 2015, the UK Government published a report on
managing and mitigating cyber security risks with cyber insurance.
The report details how insurers and insurance can play a role in
reducing cyber security risks. The report notes that there is a
lack of awareness that insurance is available for cyber risk and
recommends that firms review their cyber risk management to include
a board-level assessment for cyber risk, and draw up recovery plans
and use stress testing to confirm financial resilience against
cyber threats. The report also gives details of its new industry
supported scheme, Cyber Essentials, which was developed as part of
the UK's National Cyber Security Program and guides businesses
in protecting themselves against cyber threats.
The report is available at: https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/415354/UK_Cyber_Security_Report_Final.pdf.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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