UK government promotes offering incentives to insurers for strong information technology security practices
In a groundbreaking move, James Quinault, the Director of the Office of Cyber Security & Information Assurance at the Cabinet Office, emphasised the need for cooperation between the government and private sector in the fight against cybercrime.
Speaking at the National Security conference held in central London today, Quinault suggested that the government is considering growing the insurance market as a means of incentivising better cybersecurity practices among businesses.
Quinault stated that businesses are more likely to pay attention to questions from insurers than from government officials. The strategy aims to use insurance premiums as a way to encourage businesses to invest in cybersecurity. If businesses can demonstrate reduced risk of expensive IT interruptions due to improved cyber hygiene, they might be eligible for better insurance premiums.
Cheaper insurance premiums are one of the ways the government is trying to improve the nation's cybersecurity. The Cabinet Office's cyber security arm is planning to encourage insurance providers to offer better premiums to businesses with sound cyber security practices.
Quinault reiterated that combatting cybercrime cannot be solely a government initiative due to most IT systems in the UK being in private hands. He emphasised the importance of insurance companies asking the right questions to build "cyber hygiene" into business insurance assessments.
Tom Burt, the director of the Cyber Security Office in the Cabinet Office, also spoke at the National Security conference today. Quinault repeated his statements, emphasising the need for a joint effort between the government and the private sector to strengthen the UK's cybersecurity defences.
This approach aligns with the Office of Cyber Security & Information Assurance at the Cabinet Office's ongoing efforts to improve the nation's cybersecurity. By working together, the government and private sector aim to create a safer digital environment for UK businesses and citizens.
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