Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what consideration she has given of the potential merits of establishing a mutual or pooled cyber-risk scheme to reduce fiscal exposure and protect local economies.

The government has no plans to establish a mutual or pooled cyber risk scheme at this time.

Cyber insurance is widely offered in the UK insurance market and the government would encourage businesses to shop around, or employ the services of a broker, to find the most appropriate cover, at the best price.

The government will continue to monitor the cyber insurance market and related developments to ensure the UK’s economic resilience remains robust.