ABI releases new cyber resilience guidance

The ABI has issued new guidance to help organisations better protect themselves against escalating and evolving cyber threats. 

The guidance, entitled ’From Prevention to Resilience: Good Practice Guidance on Cyber Resilience’, was developed with leading cyber insurers and government partners and is designed to help organisations of all sizes improve their cyber resilience. 

Drawing on insurers’ experience and claims data, the guidance identifies practical measures that can help organisations prevent attacks, reduce harm and recover more quickly when incidents occur. 

The guidance was published alongside a joint report from the ABI and Pricewaterhouse Coopers UK (PwC), which explores how cyber insurance has developed into a key tool for managing cyber risk. 

Chris Bose, director of general insurance at the ABI, said: “Cyber resilience is a shared challenge that cannot be solved by any one sector alone.

“Our report with PwC UK highlights the significant opportunity for cyber insurance to play an even greater role in supporting resilience across the UK, while our new guidance highlights practical actions businesses can take to better protect themselves. Realising that potential will require continued collaboration between insurers, businesses and government to strengthen preparedness and resilience.” 

Guidance

The practical measures outlined in the guidance that firms can incorporate to mitigate cyber risk includes regular staff training, reliable offline backups and clear incident response plans. 

It also recommends multifactor authentification, good logging and monitoring, strong encryption and supplier and third party data checks. 

Meanwhile, the ABI and PwC joint report identified the need to improve understanding of cyber insurance through clearer policy language and stronger distribution, aligning more closely with wider cyber resilience initiatives and regulation, enhancing data sharing to support better risk management and encouraging organisations to invest in higher levels of cyber preparedness. 

Martin Murphy, corporate insurance strategy lead at PwC UK, said: “As our report shows, cyber insurance is increasingly doing much more than paying claims.

”Insurers are helping organisations strengthen their defences, respond more effectively when incidents occur and recover more quickly afterwards. With cyber threats continuing to evolve, there is an opportunity for the market to play an even greater role in supporting resilience across the UK economy.”