The British Insurance Brokers’ Association and specialist cyber insurer CFC have published a new guide to help insurance intermediaries and small businesses understand cyber risks and the protection and support given by cyber insurance.

The guide aims to help brokers and businesses learn about the threat landscape that actively targets small business and also how ‘cyber insurance as a service’ makes it straightforward to protect a business from criminal attacks.

Shaune Worrall, technical services manager at BIBA, said: “Our aim is to help brokers help customers understand the importance of cyber insurance. BIBA’s 2022 manifesto highlighted cyber as one of the most significant and financially disruptive threats to UK businesses and we committed to work on this guidance with CFC. The guide is a helpful tool for insurance brokers to help businesses who might not have had the confidence or seen the need to engage with cyber insurance so far.”

The guide addresses the fact that many businesses misunderstand the application of cyber cover by using case studies to show the risks businesses face and the power of cyber insurance if there is an incident. It also contains a glossary of terms to help cut through the jargon.

Lindsey Nelson, head of cyber development at CFC, added: “Cyber is often cited as the number one risk that businesses face yet a lack of understanding leads to businesses going without suitable insurance protection that can actually provide services that prevent a cyberattack from happening to them in the first place. The threat landscape has changed drastically, and businesses are being targeted because they’re vulnerable, rather than valuable. Cyber insurance has never been more relevant for small businesses in the UK.”

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