May 5, 2015
Businesses will regard having cyber insurance cover as “essential” within the next 10 years, the UK’s main insurance industry trade body has said.
Ahead of its cyber insurance conference, the Association of British Insurers (ABI) said it expects cyber insurance products to become “as common a purchase for UK businesses as property insurance” by 2025.
The UK government and insurance broker Marsh reported in March that just 2% of large businesses in the UK currently have “explicit cyber cover”. Approximately half of the businesses surveyed for the report said they were not aware “that cyber risks can even be insured”.