Posted on April 20, 2015
Our last blog on the subject of Cyber Liability Insurance in September 2014 advised that the Financial Crime Alerts Service (FCAS) would be launched in early 2015. This new innovation, aimed at combating cyber crime is a collaboration between the British Bankers Association (BBA) and BAE Systems Applied Intelligence. We have not seen any further news on the launch to date – but will ensure that we provide further information as it becomes available.
An article in Insurance Times this week reports that 81% of large UK businesses and 60% of small companies suffered a cyber security breach last year confirming that the threat of this type of crime is certainly on the increase. Despite the increased threat, only 10% of UK businesses currently purchase Cyber Liability Insurance.
We will continue to monitor the launch of the FCAS service and will provide updates as the situation moves forward. In the meantime, if you would like to discuss how we can help protect your business with a Cyber Liability Insurance policy please contact Gemma Worton [email protected].