Cyber attacks on the increase – cyber insurance premiums coming down

A recent survey carried out on behalf of Department for Business, Innovation and Skills (BIS) revealed that it is not just big businesses that are suffering financially from cyber-attacks.

The report indicated a worrying upward trend with a 10% increase in small businesses reporting attacks over the previous year and that 87% of small firms had suffered some form of security breach.

Commenting on the survey, Universities and Science Minister David Willetts said:

“Companies are more at risk than ever of having their cyber security compromised, in particular small businesses, and no sector is immune from attack. But there are simple steps that can be taken to prevent the majority of incidents.”

With the average cost of the worst security breach for small organisations being between £35,000 and £65,000, companies are being urged to take the threat of cyber-attacks seriously.

Get Safe Online provides some really useful unbiased information for businesses including business continuity and disaster recovery, data loss prevention and business fraud.

Despite the increase in cyber-attacks, the cost of cyber insurance and data and privacy breach insurance has actually fallen over the last few years. This is because there are now more insurers willing to write such specialist cover and more competition means lower premiums.

For more information regarding cyber insurance, contact Adam Lawrence 0118 9165 484 or complete one of our enquiry forms.

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Author: Tony Gibbs | April 29th, 2013

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Tony Gibbs
Get in touch:   Reading: 0118 916 5480   London: 020 7036 8767   info@macbeths.co.uk