Francis Maude, minister for the Cabinet Office, recently met with 12 of the UK’s biggest insurance firms to talk about implementing strategies to support the development of Britain’s cyber insurance product market.
The Government believes that this collaboration with insurers will be a progressive step which encourages companies within other sectors to manage the threats posed by cybercrime.
“We want to support the growth of a cyber-insurance market in the UK, so we are very pleased to come together with the UK’s world-renowned insurance sector,” said Maude.
“Cyber insurance does not replace the need for good cyber security practice, but it is an added protection for business in the event of breaches,” he added.
Joining forces with insurance companies is an attempt to build on the Government’s Steps to Cyber Security guidance, which offers advice from intelligence and security experts within the government on risk management and corporate responsibility.
It is also part of the Cyber Essentials scheme, a government-backed programme, which has been designed to help businesses protect themselves from common cyber-attacks and to tackle cybercrime issues in the UK.