UK Cyber Insurance
Cyber insurance has been growing in the UK market in recent years against the backdrop of increasing cyber attacks and data breaches - both in frequency and complexity. While cyber insurance cannot prevent data breaches, it is an important tool in recovering from one and minimizing the impact on business continuity and reputation.
Reasons To Buy
- Examine the key trends in cyber crime and how these will drive take-up of cyber insurance products.
- Identify the regulation that is affecting the cyber insurance market, and its impact on insurers and how their customers report data breaches.
- Analyze the potential growth areas of the market and how cyber insurance is likely to develop over the next few years.
- How has the cyber insurance market developed over the past 12 months and where is it heading?
- What are the most notable changes in regulation that will affect the cyber insurance market in the UK?
- How are insurers pricing their products?
- Where does insurance fit among the best methods of response to a cyber attack?
Initiating the right responses and involving the right experts in the post-data breach recovery process is vital for keeping claims costs at manageable levels. Failing to do so can quickly inflate costs.
A proficient pricing strategy will enable insurers to develop products covering a wider range of risks and ensure they are paid the right premium in return.
Cyber insurance will bring about a multidisciplinary task force whereby insurers collaborate with other cyber-related organizations to improve their understanding of the market and further develop their products.
- Executive Summary
- Cyber insurance is growing as businesses realize its importance
- Key findings
- Critical success factors
- Market Review
- Cyber insurance is growing in size and complexity
- The European cyber insurance market is worth almost £200m
- New technology has increased the opportunities for cyber criminals
- Classification of cyber risk for corporations varies
- Businesses need to get to grips with cyber risk and understand their level of exposure
- New regulatory measures are being introduced to help mitigate cyber risk
- Cyber Essentials provides a set of basic criteria for all organizations to follow
- Cyber Essentials encompasses five key controls
- Government agencies provide an additional source of information for insurers
- The challenge is promoting these initiatives at a speed equal to the growth of cyber crime
- Insurers are striving to establish cyber cover as an essential product
- Cyber awareness has grown along with the need for businesses to have adequate cover
- Typical cyber insurance policies offer a wide range of coverage
- Cyber insurance scope of coverage and policy terms and conditions can vary
- Table Examples of typical cyber exclusions and gaps in traditional insurance policies
- Insurers offering cyber products need to build trust with their customers
- Cyber Crime Affects All Businesses
- The scope of cyber insurance expands to organizations in various sectors
- Businesses are facing increasing data breach costs
- Looking at the per capita cost provides a clearer picture of the financial implications
- Large organizations are targeted for IP and sensitive data
- Many of the main business concerns for SMEs refer to cyber-related incidents
- The Future of UK Cyber Insurance
- Cyber is an opportunity for insurers to capitalize on
- Increased threats and raised awareness will boost the cyber insurance market
- Brokers are key to the growth of cyber insurance
- The European markets could grow stronger following new regulatory approval
- The evolution of cyber insurance will bring about a multidisciplinary task force
- Abbreviations and acronyms
- Primary and secondary research
- Verdict Financial's 2014 UK SME Insurance Survey
- Further reading