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RESEARCH AND BRIEFINGS

Banknote 2016: Cyber Risk – What You Should Know

 


In the UK, 81% of large businesses and 60% of small businesses suffered a cyber-security breach in the last year, and the average cost of breaches to business has nearly doubled since 2013.

Cyber threat remains one of the most significant and growing risks facing businesses today. “In the UK, 81% of large businesses and 60% of small businesses suffered a cyber-security breach in the last year, and the average cost of breaches to business has nearly doubled since 2013”.

Hitherto, cyber insurance has not been a typical insurance and rarely is it a “lender-required insurance”. However, the level of cover available has developed substantially since the early days of cyber insurance 15 years ago, where policies provided limited cover.

In this issue of banknote, we highlight a wide range of risks arising from cyber incidents.