Access to cyber-breach data collected by the UK Information Commissioner’s Office would help insurers better assess and price risk, the Association of British Insurers (ABI) says.

A lack of robust data is hobbling cyber-insurance pricing and underwriting, according to the industry body.

“Unlike colleagues in the property insurance sector, who can rely on hundreds of years of claims experience, cyber underwriters do not have such a wealth of information,” Director of General Insurance Policy James Dalton said.

“This lack of data makes it more challenging to price risk accurately and manage exposure effectively, which can impact on the products and coverage offered to businesses.

“Improving the data underwriters can access is absolutely central to improving pricing accuracy, growing levels of cyber-insurance coverage and ultimately improving the cyber resilience of the economy.”

The ABI wants the UK to follow the example of many US states which are publishing detailed information on data breaches. US insurers use the data to help price cyber risk.

“We have set out the case for insurer access to this data,” Mr Dalton said. “Progress in delivering this access with the Information Commissioner’s Office has not been as swift as we would have liked.

“Of course, we understand the Information Commissioner’s Office has competing priorities, but ultimately a healthier cyber-insurance market is good for businesses, good for the economy and, most importantly, good for all of us as customers of businesses dealing with ever-increasing amounts of our data.

“Our ask is for a collective refocusing of minds and a redoubling of effort to get a meaningful sharing of the Information Commissioner’s Office data over the line.”