Posted on September 25, 2017
We should, by now, all be aware of the high profile cyber attacks that hit the press on a regular basis. One of the latest of these, at the end of June, was a ransomware attack which, experts suggest, was taking advantage of the same weaknesses used by the previous WannaCry malware.
Although these cyber attacks regularly feature in the news, the frequency of attacks, across all sizes and sectors of business, has increased significantly – even in the last year. HMG has outlined the frequency with which businesses and individuals in the UK are being attacked.
A report issued by Ipsos MORI – commissioned by the Department for Culture, Media & Sport – on 19th April looked at the figures compared to their 2016 report.
Unsurprisingly, the survey reports that “virtually all UK businesses covered by the survey are exposed to cyber security risks”. Just under half (46%) of all UK businesses identified at least one cyber security breach or attack in the last 12 months. This rises to two-thirds among medium firms (66%) and large firms (68%). Costs incurred as a result of these breaches averaged £1,570. The average costs to a medium firm were £3,070 with larger firms at £19,600.
A 2017 government cybersecurity survey found only one third (33%) of UK businesses had a formal insurance policy that covered cybersecurity risks; and only one in 10 (11%) had a cybersecurity incident management plan in place.
The report looks at all the various measures which firms can take to protect themselves against hacking and this includes an insurance solution (page 24 onwards). The report confirms that both awareness of, and take up of, cyber insurance policies is not common.
Pii have long been aware of the gaps in traditional policies and have been working with a leading insurer to provide a realistic, and cost effective, solution to protect businesses. We are now in a position to provide quotations for a tailor-made Cyber Insurance policy which covers Breach costs, Crisis Containment and Cyber extortion, as well as other optional extensions depending on the needs of the individual business.
It should be noted that the General Data Protection Regulation (GDPR), with its increased obligations for companies regarding the protection of personal data, will come into force in 2018.
For further information, please contact Sandy Mooneeapen at Pii to discuss your Cyber Insurance requirements.
Tel: 020 058 2536
Email: [email protected]