The CEO of Lloyd’s of London, one of the largest insurance companies in the world, says that cyber risk is the most serious threat to businesses
Inga Beale, chief executive of Lloyd’s, said: “Cyber risk poses the most serious threat to businesses and national economies, and it’s an issue that’s not going to go away.
This threat is driving a big push for Cyber Insurance
the market for cyber insurance had experienced a 50% increase in insurance submissions during the first three months of the year, when compared to the same period in 2014.
Businesses have heard about breaches and are worried
Cyber attacks on business are the driving force behind the rapid rise in the insurance market. Sony pictures was rocked by a significant cyber attack last year that saw the leaking of sensitive internal emails and the suspension of a film release.
“In terms of our customers, approximately 70pc are first time purchasers. We’re also seeing customers in those sectors which were affected last year – and in particular in the retail sector – looking to buy higher limits,”
Small Businesses should be worried
Despite the rise in insurance cover, however, many UK companies are still exposed, with nine out of 10 UK small companies suffering from a data breach, according to the Government’s Information Security Breaches Survey Report.