Cyber-security

Stephen Mosley Excerpts

Tuesday 24th March 2015 Commons Chamber

[Stephen Mosley (City of Chester) (Con)]

I welcome yesterday’s launch by the Cabinet Office of the report into cyber-insurance, which hopes to make the UK the world capital of cyber-insurance in the marketplace. It will not only give the UK insurance market the leading edge in order to become the world leader, but will encourage our small and medium-sized enterprises to take up cyber-insurance through the terms and conditions of their insurance policy.

[Mr Maude]

My hon. Friend is absolutely right to draw attention to this. We have, I think, got ahead of the game by commissioning the work we have done jointly with the insurance industry. Cyber-insurance is a market in its infancy. Many businesses do not know whether they are covered for damage and loss caused by cyber-attacks. The fact that Britain excels in the insurance market—London is the world’s centre of insurance—and that Britain is very good at cyber-security will enable us to become world leaders in this important area. The sophisticated pricing of cyber-risk will be a huge stimulus, particularly to smaller businesses, to ensure that they have done what they can to protect themselves. I welcome the industry’s support, particularly for smaller businesses and SMEs, of the Cyber Essentials scheme as a kitemark for taking the right steps to protect themselves.