The British Insurance Brokers’ Association has launched a new cyber insurance broker directory to enable businesses to find support to manage, mitigate and transfer their cyber risks. BIBA developed the directory in collaboration with the Department for Science, Innovation and Technology.

To secure a listing, brokers need to operate their own cyber security framework, which meets or exceeds the DSIT’s Cyber Essentials standard and have standalone cyber insurance for their own business. In addition, they should have expert cyber staff who receive ongoing cyber training.

Graeme Trudgill, chief executive of BIBA, said: “Cyber threats are on the increase and this is a positive initiative that aims to help raise awareness and close the cyber insurance protection gap by ensuring SMEs can be signposted to a genuine expert.

“We hope insurance brokers will be able to help more businesses engage with them through this new service. If we can increase the uptake of cyber insurance, it may help improve economic resilience against cybercrime events, like those we have witnessed in recent times.”

Minister for digital economy Liz Lloyd added: “By combining the government’s Cyber Essentials scheme with BIBA’s accredited cyber insurance broker programme, we’re giving firms practical tools to understand the risks, protect their data and finances and bounce back quickly if something goes wrong.”