That a contract be entered into with CFC Underwriting Limited for cyber insurance.

To implement the decision of Cabinet and to ensure the Council is insured against possible losses following a cyber attack.

None.

The decision will be implemented immediately.

At the Cabinet meeting on 21 November, the Director of Corporate Services was given delegated authority to enter into a contract with the preferred bidder that provides the most suitable terms and conditions of insurance in the event of a cyber attack.

Due to the specialist nature of the risk and very limited providers willing to underwrite such a product, it was not possible to undertake a Public Sector Procurement exercise, instead the Council’s Insurance Brokers have undertaken some soft market testing on behalf of the Authority.

Insurer CFC Underwriting Limited provided two options which have different extortion limits.  The brokers recommendation was to opt for the full limit of ransomware cover, as this was an integral area of cover under a cyber policy.

The Broker specialists also approached other cyber insurance providers.  One provider ruled themselves out on the basis that they would require more additional controls with a third provider failing to quote.

Following assessment of the Terms provided by CFC Underwriting Limited they were found to be favourable and therefore the Director of Corporate Services has decided to award the contract in accordance with the authority delegated by the Cabinet.

None.