Cyber insurance set to become the norm by 2025

01/06/2015 06:31

Category Data SecurityArticle date 30 May 2015Cyber insurance set to become the norm by 2025

Cyber insurance is set to become an essential for many businesses over the next ten years, it has been forecast.

Research unveiled by the Association of British Insurers (ABI) found that with many firms are vulnerable to cyber security problems, cyber security will be the norm by 2025.

With businesses being so dependent on IT to conduct their everyday activities, it will become increasingly necessary for firms to find ways to protect themselves.

Recent government research found that ten per cent of affected organisations had to change the nature of their business as a result.

Commenting on the findings, Huw Evans, director general at the ABI, said: "Cyber risk is growing rapidly. At the moment, 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*.

“Online breaches can cost millions, and would threaten the viability of many businesses, so the stakes are high. Cyber insurance is an increasingly important way for businesses of all sizes to manage this threat. The UK insurance industry is already providing cover for cyber risk to customers around the world."ADNFCR-8000229-ID-801789346-ADNFCR



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