ACORD, the global insurance industry’s standards-setting body, has announced the launch of the ACORD Cyber Data Breach Standard, the insurance industry’s first official standard for cyber data breaches.
Developed in partnership with global professional services firm Aon and specialist insurer Beazley, the standard aims to facilitate rapid and accurate data exchange among all insurance industry stakeholders, increase operational efficiency and effectiveness for cyber risk stakeholders, and establish a baseline for compliance and any audit-related activities. Sixty per cent of insurers, according to a recent survey undertaken by ACORD, said that the lack of uniform data standards is a major hurdle when it comes to the development and growth of cyber policies, so the introduction of the new standard is timely.
“This question set will help organisations approach cyber risk in a united manner,” said Christian Hoffman, President, US Cyber Solutions at Aon. “Connectivity and collaboration across organisations, 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.”
Initially, the standard will be available for ACORD members to review, and once feedback has been provided, it will be incorporated into the next scheduled ACORD Property & Casualty Standards.