The British Insurance Brokers' Association (BIBA) is the UK 's leading general insurance organisation representing the interests of insurance brokers, intermediaries and their customers. BIBA membership includes 1,700 regulated firms. BIBA brokers handle around half the value of all UK home, contents, motor, travel, commercial and industrial insurance policies. Insurance brokers make a direct and indirect contribution of 1% to UK GDP.
BIBA is the voice of the industry advising members, the regulators, consumer bodies and other stakeholders on key insurance issues. BIBA provides unique schemes and facilities, technical advice, guidance on regulation and business support and is helping to raise, and maintain, industry standards.
Berkeley Insurance's John Pennick to Chair BIBA Cyber Focus Group
In its 2017 Manifesto, the British Insurance Brokers’ Association (BIBA) highlighted the need for increased cyber-threat awareness and committed its Cyber Focus Group to educate the broking community on the nature and scale of threats, good practice in terms of cyber-security and the insurance products available.
BIBA has now confirmed the appointment of John Pennick of Berkeley Insurance Group as Chair of the focus group and Tom Draper of Arthur J Gallagher as Deputy Chair.
Speaking about the appointment, Pennick said: “Cyber risks have increased considerably in recent years as most businesses rely heavily on their computer network for a variety of critical functions. This has led to brokers having to rapidly expand their understanding of the exposures that their clients face and the cover available. The BIBA Cyber Focus group will play an important part in supporting, educating and representing brokers in a marketplace that continues to evolve. I’m very happy to contribute to this as Chair of the group.”
The development of BIBA’s Cyber Focus Group couldn’t be more timely with the threat caused by the recent Wannacry ransomware attack as well as numerous other publicised cyber incidents.
Andy Thornley, Head of Corporate Affairs at BIBA said “Part of BIBA’s commitment to members and customers is to help them deal with threats and also make the most of new opportunities being presented. Cyber ticks both of these boxes. Undoubtedly the risks of cyber-attack are increasing with 66% of medium sized firms experienced a cyber security incident in the 12 months leading up to the Cyber Security Breaches Survey 2017. However with enough information and knowledge this presents opportunities for brokers to help their clients become better protected. This is an exciting time for the group and with John and Tom at the helm we can really help our members with these new risks.”
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