The UK government is collaborating with the insurance industry to help bolster businesses' defence strategies and establish the country as a leader in the cyber security insurance market.
Cabinet Office minister Francis Maude announced the initiative during a press briefing attended by V3.
The collaboration will see 12 major insurers, including Marsh, coordinate in the creation of a comprehensive cyber security insurance model.
Maude explained that the model will be used to mitigate the damage caused by cyber attacks to firms of all sizes, and act as a catalyst to inspire companies to adopt more robust security models.
"We've always been clear that cyber security is not an issue for government alone; it is also an issue for business," he said.
"We don't have all the answers about what the steps are at the moment, [so we are] launching a programme of collaborative work with the insurance industry to examine what can be done.
"Around 80 percent of attacks could be mitigated with basic hygiene, patching etc. We need to be constantly pushing this and we think insurance is a way to do it.
"All insurance brokers will ask [companies] about their security practices, and that will raise awareness."
Marsh UK and Ireland CEO Mark Weil mirrored Maude's sentiment, and announced plans to create a model with realistic guidance and practice requirements within the next six months.
"We're project-managing this and want final results by April . We'll also be regathering in February to check the progress of the work," he said.
Maude added that the collaboration is the latest step in the government's bid to make the UK a global leader in cyber security, promising that it will lead to tangible economic benefits.
"Every business is an internet business even if it thinks it is not. They all have cyber vulnerabilities," he said.
"We see an opportunity for us to be at the forefront of having answers [to this problem]. Britain is regarded internationally as being at the forefront of cyber security.
"We're good at cyber security, we have companies that are good at doing this. We're also a country that is very good at insurance.
"This will make us even better in terms of knowing how to price [cyber] risk and drive good practice. London should be the place that leads the way on this and establishes it as an export."
The collaboration is the latest in a long line of government initiatives designed to bolster UK industry's cyber defences.
GCHQ pledged in June to share cyber threat intelligence and "selected" intellectual property with the wider industry in an attempt to aid the government's growth plans.
The government partnered with industry to launch the Cyber Security Information Sharing Partnership in March 2013 to facilitate information sharing between the public and private sectors about cyber threats.
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