ABI predict the rise of cyber insurance
Published 18 June 2015
On the 5th May 2015 the ABI held a conference on cyber insurance. ABI Director General, Huw Evans, revealed that "despite more than 80 per cent of large businesses suffering a cyber security breach in a 12 month period, only around 10 per cent have any form of cyber insurance."
Consequently, the ABI have predicted that by 2025 cyber insurance for businesses will be just as common as property insurance. Cyber security is quickly becoming a business 'must have' leading ABI to identify five key reasons for implementing a policy:
- Cyber crime is one of the fastest growing forms of crime in the world.
- Cyber threats are at the cutting edge of technology.
- Businesses are increasingly dependent on IT for their everyday activities.
- Cyber attacks and failures can result in businesses closing or having to dramatically change what they do.
- The British insurance market is already able to offer businesses the innovative protection they need.
To view the ABI article, please click here.