Taking Cyber-Crime Seriously – Cyber Liability Insurance

Is cyber-crime a real threat and are businesses deluded about the level of security their systems offer?

A recent report on the BBC website puts forward the case that businesses may feel that their internet security systems are up to scratch,  quoting that a survey in May by BAE Systems Detica suggesting nearly nine out of 10 UK businesses were very or fairly confident about their defences.

On the other hand, government figures estimate cyber-crime could be costing UK businesses up to £21bn a year. The report goes on to say that banks, manufacturers, energy suppliers and broadcasters are among those attacked this year.

Macbeth have certainly seen an increase in the interest for cyber liability and hacker insurance.  Premiums in this sector have steadily reduced as the insurance market expands to accommodate new sets of risks for an ever-growing technological age.  We can see a time in the not too distant future when insuring against cyber risks will be as common as insuring stock and physical assets.

For more information about cyber insurance risks contact Tony Gibbs on 0118 9165 485 or complete an enquiry form.

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Author: Tony Gibbs | September 5, 2012

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