A government report has found that only “2 percent of large British firms have separate insurance against cyber attacks and the number dwindles to nearly zero for smaller firms.”
The report, published jointly with Marsh, recommended public/private information sharing between the government, the Lloyd’s of London market and the Association of British Insurers but direct government financial support was not necessary for the cyber insurance market. The report stated, “while some market participants have suggested that a possible government backstop may be necessary, there is no conclusive evidence of the need for such a solution at present.”
