According to the Association of British Insurers, “cyber insurance should become as common a purchase for UK businesses as property insurance within the next 10 years.”
During a recent ABI conference on cyber insurance, Huw Evans, Director General of the Association, argued that “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 a small percentage actually have cyber insurance. “Online breaches can cost millions, and would threaten the viability of many businesses, so the stakes are high…The UK insurance industry is already providing cover for cyber risk to customers around the world. More British firms are now taking advantage of this expertise and by 2025 this type of cover will be seen as an essential business purchase.”