The role of insurance in ensuring the UK's cyber security

24 Mar 2015 01:46 PM

Cyber threats are estimated to cost the UK economy billions of pounds each year with the cost of cyber attacks nearly doubling between 2013 and 2014. Last year 81% of large UK businesses and 60% of small companies suffered a cyber security breach.

A GOV.UK report published on 23 March by HM Government and Marsh, one of the UK’s leading insurance brokers and risk advisors, announces new joint initiatives between government and the insurance sector to help firms get to grips with cyber risk; to establish cyber insurance as part of firms’ cyber toolkits and cement London as the global centre for cyber risk management.

It issues a call to arms for insurers and insurance brokers to simplify and raise awareness of their cyber insurance offering and ensure that firms understand the extent of their coverage against cyber attack. Companies are recommended to stop viewing cyber largely as an IT issue and focus on it as a key commercial risk affecting all parts of its operations.​

Key links:

• Cyber security insurance: new steps to make UK world centre
• UK cyber security: the role of insurance
• Cyber Essentials