UK companies taking on cybersecurity-related insurance in soaring numbers
By Cameron Abbott and Allison Wallace
There was a 50% growth in the adoption of cybersecurity-related insurance in the UK between 2015 and 2016.
CFC Underwriting discovered the trend after polling industry representatives at the 2016 Cyber Symposium late last year.
The underwriter, which provides cyber insurance to more than 20000 clients globally, found the factors driving clients to purchase these kinds of policies included the “fear factor” of a cyber attack (23%) and the impending introduction of the European General Data Protection Regulation in 2018 (26%).
More than half of the respondents to the poll (53%) indicated they believed electronic computer crime will lead to an increase in insurance claims. Earlier figures released by CFC Underwriting revealed it handled over 400 claims on cyber policies in 2016, a 78% increase on 2015.