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New publication examines insurers’ role in increasing EU cyber resilience

Insurance Europe has today launched a new publication entitled “Insurers’ role in EU cyber resilience”, which highlights the key role insurers play in assisting the EU in its efforts to increase cyber resilience and competitiveness.

Insurers’ contributions include:

  • Ensuring business continuity by helping companies swiftly recover from cyber-attacks.
  • Increasing citizens’ and companies’ awareness of the cyber risks to which they are exposed and offering effective protection against them.
  • Advising European and national policymakers on cyber risks and how they can be better managed and mitigated.

The publication also includes examples of cyber-resilience initiatives by national insurance associations.

The publication also outlines ways to encourage the growth of the European cyber insurance market. It calls on policymakers to:

  • Promote awareness-raising, which is key to increasing cyber resilience.
  • Support public-private cooperation on catastrophic risks.
  • Urge member states to act to increase cybersecurity.
  • Support efforts to make cyber-incident data available.

At the same time, policymakers should avoid:

  • Introducing premature standardisation, which can harm both customers and insurers.
  • Introducing mandatory insurance for cyber risks, which would be counterproductive.
Published 9 October 2019