Few UK Firms are Cyber Insured Despite Financial Losses
Some sobering news out of the UK today. Apparently more than one-fifth of UK firms have been impacted financially by cyber attacks, yet more than three-quarters of companies polled have never been insured for cyber-related losses. Another data-point proving that cyber risk is an international problem - especially when we consider how interconnected global business is today. From ComputerWeekly.com:
Some 22% of UK businesses have suffered a cyber attack that has cost them financially, according to a survey of more than 1,000 senior decision-makers from UK firms ranging from sole traders to large corporations.
More than half of these organisations have been hit more than once, and 3% say they have been hit more than 10 times, according to the YouGov survey commissioned by UK-based global commercial and business insurance broker SJL Insurance.
The bulk of those respondents (87%) that knew how much the business had suffered financially as a result of their most recent cyber attack reported losses of up to £99,999.
At the upper end of the scale, 9% reported losses of between £100,000 and £499,999, while 2% reported losses of up to £250m. In all cases, losses include direct losses as well as remediation and repair costs and other costs associated with dealing with the attack and restoring reputational damage.
Despite these losses, the survey found that only 39% of businesses affected by cyber crime had cyber insurance at the time of the most recent attack, with 53% admitting they did not have cyber insurance and 8% saying they did not know or could not remember.