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Although increased digitalisation has obvious benefits to society, it also brings a number of risks. The potential for serious economic and commercial repercussions, illustrated by recent attacks such as that by the WannaCry ransomware, means that investing in increasing the cyber resilience of businesses and society is vital.
Insurers have a key role to play, not only in providing cover, but also in helping their clients prevent these risks and mitigate their impact when they materialise. Insurers have a unique perspective that goes beyond their experience of cyber risks thanks to their many years of insuring natural catastrophe and terrorism risks, which can be similarly large and multifaceted events.
It also includes a template for breach notifications under the EU’s General Data Protection Regulation developed by Insurance Europe.
The template is easy to use and allows the information to be compared across sectors. The data gathered would be anonymised but sufficiently granular to be of use to insurers for underwriting purposes.
The template was shared with the Article 29 Working Party in view of its work on guidelines for data breach notification templates.