Cyber Risks

A group of European industry bodies — BIPAR, FERMA and Insurance Europe, in association with Aon and Marsh — has published a guide to help organisations understand their cyber risks and potential need for cyber insurance.
European risk experts have called for organisations to create dedicated internal cyber risk governance groups to address digital risks across the whole enterprise as the threats evolve
The European Commission estimates at least 80% of businesses have experienced a cybersecurity incident in the last year. In 2018, FERMA has published three reports to support risk professionals and insurance buyers in dealing with cyber threats and understand risk transfer options:  Preparing for Cyber Insurance, a practical guide; a new edition of the Cyber Governance Report and a report containing presentations and interviews from the 2018 FERMA Seminar.
In this featured article publish in June in the European Cybersecurity Journal, FERMA Board member Philippe Cotelle is drawing some first conclusions after more than 10 years of cyber insurance offering in Europe. A gap between supply and demand remains despite insurance capacities being available.
European risk managers share the priorities expressed in the World Economic Forum Global Risk Report 2018 published on 17 January about the threat to the environment from extreme environmental events, the potential failure of climate change adaptation, and cyber risks.
European risk experts have called for organisations to create dedicated internal cyber risk governance groups to address digital risks across the whole enterprise as the threats evolve
The latest cyber attack illustrates that the management of cyber risks should be an enterprise-wide project directed from board level within a sound governance framework...
European risk experts have called for organisations to create dedicated internal cyber risk governance groups to address digital risks across the whole enterprise as the threats evolve
Clearly, it will be increasingly complex, volatile and interconnected. In this turbulent world, education becomes...

Philippe Cotelle, Head of Insurance Risk Management at Airbus Defence and Space, describes the development of a response methodology to create resilience against cyber risks.

There are three main obstacles to a good understanding of cyber risk

Cyber security requires an enterprise-wide approach, and the risk manager’s role is to help the company achieve effective, data-based enterprise risk management, the Federation of European Risk Management Associations (FERMA) has told the European Commission.
French and British initiatives are taking the role of insurance for cyber risks into account in their national strategy for cybersecurity.