10 July 2023Analysis

FERMA release joint cyber report

The Federation of European Risk Management Associations (FERMA) has released a joint multistakeholder report: “Cyber insurance dialogue: how Europe can lead the way to cyber resilience.”

FERMA produced the report in cooperation with a group of FERMA partners that included AXA XL, Allianz Global Corporate & Specialty (AGCS), HDI Global SE, Lloyd's (Europe), Munich Re, Howden Broking, and Marsh.

This report captures the perspectives of the key actors across the insurance industry, and looks at ways forward cyber insurance.

According to the report, in today’s digital economy, cyber-attacks represent an ever-present and evolving threat for businesses across all sectors and of all sizes. Cyber risks are as much about human and systems errors as they are about malicious threats.

“Effective cyber risk management is an essential business practice,” said the report. “Cyber insurance in turn is an important tool in managing this risk. It is complementary to overall cyber security and vice-versa, akin to sprinklers for property insurance. A workable, relevant and affordable cyber insurance market is therefore vital to ensure that the system is robust and resilient and that European businesses can respond swiftly to these changing exposures.”

For a copy of the report contact FERMA.