Almost a third of firms are buying cyber attack insurance - up from 14% last year


Fears over the increasing possibility of a cyber-attack has led to an increase in the number of firms taking out cyber insurance, according to a study by Marsh.

The study has found that 83% of respondents said they had a basic or complete understanding of their company’s cyber exposure, compared to 61% last year. Board-level ownership of cyber risk has increased from 19% in 2015 to 30% this year.

Almost a third of businesses, 29% have also bought, or are in the process of buying, cyber attack insurance - up from 14% last year, while an additional 26% are currently engaging with the insurance market and are seeking quotations for cyber insurance.

Marsh UK and Ireland chief executive Mark Weil said: “We also welcome the growing take-up of cyber insurance as a way for boards to verify in the risk market that their security measures are effective. The gaps in assessing supplier risk and quantifying the scale of cyber threat suggest that there is still plenty to do.”