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Cyber risk insurance market: responses sought to EC questionnaire

United Kingdom
17/07/2013
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In February 2013, the European Commission (EC) published a proposed Directive on Network and Information Security alongside a wider cyber security strategy. Our Law-Now on this development can be found here.

The general driver for the proposed Directive is a concern that EU businesses are losing valuable intellectual property through cyber crime and an aspiration to promote a safe online environment, in accordance with wider EU trade principles.

The proposed Directive suggests:

  • that each Member State should produce a national cyber security strategy and establish a Computer Emergency Response Team (CERT) and a competent authority for cyber security;
  • information sharing between Member States, as well the creation of a pan-EU cooperation plan and early warnings for cyber incidents; and
  • compulsory reporting of security breaches that have a significant impact on the provision of core services to a ‘national competent authority’ that would enforce the Directive. Sectors that this would apply to include: public administration; the finance, energy, transport and health sectors; and ‘enablers of internet society services’, such as app stores, cloud service providers, social networks and e-payment providers.

The Directive can be accessed here.

To support their understanding of the cyber risk insurance market, the EC has prepared a questionnaire and invited responses from insurance providers which sell cyber-related products. This questionnaire can be accessed by clicking here.

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