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

20th December 2018

A report published by the government and one of the UK’s leading insurance brokers and risk advisors, Marsh, has announced plans for the UK to become a global leader in cyber security insurance through a series of initiatives designed to help firms get to grips with cyber risk.

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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