UK to lead the way on cyber security insurance following large number of breaches

The Cabinet Office minister and 13 major insurance firms have agreed to work together to improve the availability of cyber insurance by UK companies, after the report highlighted that 81% of large UK based companies, and 60% of small companies have suffered a cyber security breach in the past year.

Research suggests that cyber threats cost the UK economy billions of pounds each year and companies have been advised to ensure that they treat the danger as a commercial risk that affects all parts of a business.

Marsh UK & Ireland chief executive Mark Weil said: “Companies will need to upgrade their risk management substantially to cope with the growing threat of cyber attack, including introducing disciplines such as stress-testing, and creating a joined-up recovery plan that brings together financial, operational and reputational responses.”

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