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Summary"UK Cyber Insurance 2017" discusses the growing need for cyber insurance and highlights product uptake among UK businesses. It explores how cyber insurance fits within a commercial insurance portfolio and examines the products offered by key market players. It demonstrates how the insurance sector can help improve understanding of cyber insurance, and how insurers and brokers can help promote the adoption of good practice to reduce the frequency and cost of breaches. This report will also discuss the most significant market developments over the past 12 months and how the sector is likely to develop in the future in reference to new initiatives and regulation.
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The UK cyber insurance market is growing over time. Product penetration is increasing as businesses are becoming more aware of the need for cyber insurance in a world where they are dependent on the digital space and crime is moving online. All businesses are vulnerable and require cyber insurance, regardless of size or industry. While there is a large opportunity for insurance providers to increase product penetration and grow their commercial books, they must be cautious due to the unknown exposure and scale of cyber risk. Ultimately cyber insurance is still developing its place within commercial insurance portfolios.
Scope
- It is estimated that fraud and cyber offenses make up 47.3% of all crime according to the Crime Survey of England and Wales conducted by the Office for National Statistics.
- Cyber insurance penetration is increasing. 13.7% of UK SMEs held cyber insurance in 2016, compared to 2.1% in 2014.
- The average total organizational cost of a data breach is also increasing. In the UK it rose by 14.5% from $3.45m in 2014 to $3.95m in 2016 according to the Ponemon Institute.
Reasons to buy
- Gain a better understanding of the need for cyber insurance among UK businesses.
- Understand how cyber insurance fits within the commercial insurance space and how it is likely to evolve over time.
- Discover how regulation and new government initiatives will impact the market.
Table of Content: Key Points
1. EXECUTIVE SUMMARY 2
1.1. The UK cyber insurance market is still evolving 2
1.2. Key findings 2
1.3. Critical success factors 2
2. THE GROWING NEED FOR CYBER INSURANCE 7
2.1. Introduction 7
2.2. Cybercrime is becoming an increasing risk for businesses 7
2.2.1. The rise of digital for businesses has grown the opportunity for cyber-criminals 7
2.2.2. Crime is moving online 8
2.2.3. The full extent of cybercrime is hard to assess 10
2.2.4. There are a broad range of cyber risk characteristics 10
2.3. All businesses are vulnerable to cybercrime 11
2.3.1. Cybercriminals are targeting large businesses and SMEs 11
2.3.2. Cyber insurance penetration is increasing over time 12
2.3.3. Cyber insurance uptake is low for small businesses, despite them being vulnerable 14
2.3.4. All industries that hold valuable customer information are at risk 15
2.3.5. Cyber insurance penetration varies by industry 15
2.3.6. Businesses are at risk no matter how sophisticated their cyber security system 16
2.3.7. Many of the main business concerns for SMEs are cyber-related 17
2.4. There have been many recent high-profile cyber-attacks 18
2.4.1. TalkTalk was fined £400,000 by the ICO for failing to protect customer data 18
2.4.2. Yahoo disclosed two large-scale breaches at the end of 2016 19
2.4.3. The largest NHS trust was targeted by a ransomware attack in early 2017 19
3. CYBER INSURANCE WITHIN THE COMMERCIAL MARKET 20
3.1. Cyber insurance is still evolving as a product 20
3.2. A number of insurers provide cyber insurance 24
3.3. The claims landscape is constantly evolving with cyberspace 28
4. THE FUTURE OF CYBER INSURANCE AND SECURITY 33
4.1. The cyber insurance market will continue to grow 33
4.1.1. Preventing attacks should be a focus for businesses, but cyber cover is still essential 33
…Continued
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