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UK Cyber Insurance

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.


  • 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.
Reasons To Buy
  • 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?
Key Highlights

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
    • Introduction
    • 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
  • Appendix
    • Abbreviations and acronyms
    • Methodology
      • Primary and secondary research
      • Verdict Financial's 2014 UK SME Insurance Survey
    • Bibliography
    • Further reading

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