ACORD, the global standards-setting body for insurers, has released what it bills as the industry’s first standard for cyber data breach cover.
Dubbed the ACORD Cyber Data Breach Standard, it was developed with specialist insurer Beazley and insurance broker Aon. It is being made available immediately to ACORD members for review and feedback. It will then be incorporated into the next scheduled release of the ACORD Property & Casualty Standards.
ACORD said this expanded standard supports the evolution of cyber coverage and data breach events, increases operational efficiency and effectiveness for cyber risk stakeholders, establishes a baseline for compliance and audit-related activities, and enables insurers to leverage standards for increased support.
“This question set will help organizations approach cyber risk in a united manner,” said Christian Hoffman, president, U.S. Cyber Solutions at Aon. “Connectivity and collaboration across organizations including, but not limited to, information security, legal and risk management is critical. A set of uniform standards is an ideal place to start this transition.”
Aon and Beazley, key stakeholders in the cyber market, collaborated with ACORD to contribute cyber-related insights and various industry assets. Collectively, they focused on data breach, examining common challenges with manual, disparate practices for sharing information during risk assessment and policy workflow. ACORD synthesized these components to create and refine the draft standard.
Source: ACORD, Aon, Beazley