The Cyber Monitoring Centre (CMC) has launched in the UK to address the complexity of systemic cybersecurity events impacting the insurance sector. Modeled after the Saffir-Simpson Scale for hurricanes, the CMC introduces a severity classification system ranging from 1 to 5, where 5 denotes the most damaging incidents. This initiative, led by industry experts, aims to offer clarity for insurers and policyholders regarding systemic risks, thereby reducing litigation risks and enhancing the understanding of policy terms. Chairman Ciaran Martin and a diverse technical committee will oversee the classification of significant cyber events.
The Cyber Monitoring Centre (CMC) has been established in the UK to categorize the severity of cybersecurity incidents systematically, improving clarity in the cyber insurance landscape.
The CMC's classification system utilizes a 1-5 scale for categorizing cyber events, helping insurers, reinsurers, and organizations better understand systemic risks.
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