Published: Friday January 29, 2016
In response to the fact that 81% of large UK businesses and 60% of small companies suffered a cyber security breach in 2014. A report was published on 23 March 2015 which announced joint initiatives between government and the insurance sector to help firms get to grips with cyber risk; to establish cyber insurance as part of firms’ cyber tool-kits and cement London as the global centre for cyber risk management.
The report, produced in collaboration with the UK’s insurance market and a number of top UK companies aims to make the UK a world centre for cyber security insurance. In particular, it highlights the exposure of firms to cyber attacks among their suppliers with a key agreement that participating insurers will include the government’s Cyber Essentials certification as part of their risk assessment for small and medium businesses.