The government is calling for enhanced national cyber security measures with the introduction of the Cyber Security and Resilience Bill.
The ABI's response:
The introduction of the Cyber Security and Resilience Bill is a vital step in strengthening the UK’s defences against increasingly sophisticated cyber threats. With cyber-attacks costing the UK economy billions each year and disrupting essential services and businesses of all sizes, this legislation will help build resilience across critical infrastructure and supply chains.
Insurance plays a key role in cyber resilience. Our latest data shows nearly £200 million was paid out in cyber claims last year, underlining the scale and severity of the challenge and the support insurers provide when businesses are hit. But cyber insurance is not just a financial safety net. It also helps to put businesses on the front foot, improving their security processes, providing expert advice and helping with incident response planning.
We look forward to working with government and industry to ensure the Bill delivers practical, effective measures that complement risk management strategies and safeguard the UK economy.
Chris Bose
Director of General Insurance Policy at the ABI
For more information, please contact the press_office@abi.org.uk.