Cyber Insurance, Privacy and Data Security - August 2015
Published 10 August 2015
With our sincerest apologies to Miss Jessie J, this month our newsletter is all about the money, money, money with cyber insurance rapidly becoming the new bling-bl-bling.
The estimated cost to the UK economy from cyber threats amounts to billions of pounds each year and has nearly doubled between 2013 and 2014. Despite the increasing exposure and publicity it is estimated that only 20% of large enterprises and 6% of small to medium businesses purchase cyber insurance. However, ABI research suggests that this is set to change estimating that the cyber insurance market will reach US$10 billion by 2020 as risk managers seek to transfer the risk of escalating costs of cyber breaches.
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