Written by: Sophie McGinness – Client Coordinator, Racepoint Global London
Insurance. It’s not particularly glamorous but it is important. That’s why every business has insurance against its most valuable assets: staff, stock, building and vehicles where relevant. It would follow then that if data is the new gold, businesses should be insuring that too.
Yet, according to recent research from Ovum that’s far from the case with only 38 percent of UK firms being insured across all cyber threats. For context, the average cost of a data breach for large business is up to £1.5 million without even considering the reputational damage.
Cybercrime continues to grow and is seemingly becoming more difficult to prosecute too. The landscape is such that organisations should be looking at whatever means they can to mitigate the heightened risk. It would seem that while awareness of cybersecurity is at an all-time high, thanks to GDPR and the constant news cycle of breaches and hacks, that there isn’t an understanding of the full risks or responsibilities to match.
The ecosystem around cybersecurity is only set to grow and deepen in the coming months and years, with new services for businesses and consumers alike. Cyber insurance, while by no means new, is likely to be one of those areas which stands to benefit the most. For these ancillary service providers they need to find a way to create messaging that builds on the work of the cybersecurity firms. Doing so will be fundamental to driving demand for their solutions.
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