FERMA participated in a cyber insurance workshop organised by EIOPA, the European insurance authority, on 1 April 2019.

The workshop highlighted the following 5 priorities for the insurance industry regarding cyber insurance:

• Develop deeper understanding and removal of silent covers
• Respond to the frustrations of customers about questionnaires
• Act as an enabler in conjunction with regulators to set minimum security standards and foster data sharing
• Develop the discussion on public backstop solutions
• Create more solutions for SMEs

FERMA Board member Philippe Cotelle presented the FERMA report “Preparing for cyber insurance”, jointly written with insurers and brokers and published at the end of 2018. He explained how to improve understanding of cyber risks and align with client’s needs.