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United Kingdom cyber liability insurance market: Huge potential for new category

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Cyber Liability Insurance in the UK - Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-04-18 12:20:01
Cyber liability insurance is a newly-established category in the UK, estimated by the industry to represent GBP3–4 million, or just 0.01% of the country´s non-life gross written premiums. A large potential market exists, with an estimated 4.8 million private businesses in the UK. Developments in the use of information technology for business have raised the issue of liability in cyberspace. Firms collect, manage and store data electronically, social media interaction has increased and portable computing devices are growing in popularity.

This technological evolution increases exposure to cyber threats such as hacking, extortion, data leaks and business downtime. A number of high-profile data leaks during 2011 and 2012 highlighted the costs involved when personal data is exposed; the monetary costs of launching an investigation and compensation payouts, as well as costs which are more difficult for underwriters to quantify, such as damage to reputation all have to be taken into consideration.

Industry surveys suggest that firms are unaware of cyber liability products. It is likely that managers believe these intangible risks are covered by their existing commercial liability insurance policies, but traditional policies do not tend to address issues related to the internet or electronic data.

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Mike King
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