As previously noted, the UK government, along with the insurance sector, has launched an initiative to cement the UK’s position as the global leader in cyber security insurance. One of the key pillars of this plan involves the Cyber Essentials Scheme, “which is designed to encourage basic cyber security practice within businesses.”
The government wants brokers’ to include Cyber Essentials (CE) accreditation as part of their risk assessment for small and mid-sized businesses. However, Jack Elliott-Frey, a broker for cyber insurance experts at Safeonline, notes that CE accreditation should not be the key reason for choosing to utilize a specific insurance solution or underwriter. Elliott-Frey argues that it is more important that the client and broker find the right policy that best suits the client. He stated that it is necessary to carefully consider the exclusions, be aware of industry specific regulations, and also realize the possible high price associated with a coverage depending on the industry.