The study found that 43% of UK businesses have an insurance policy in place that insures them against cyber risks. A minority of medium and large-sized companies have specific cyber insurance policies – most businesses with cyber insurance benefit from cover within more general policies, according to the survey report.
The study also found rising concern among the business community about the risk of ransomware but that in many cases insurers have either raised premiums to account for ransomware payouts or excluded such payouts from the scope of their policies over the past year.
Of the businesses surveyed. 39% said they had identified a cyber attack on their organisation in the previous 12 months.
Separate data obtained from the UK’s Financial Conduct Authority (FCA) by cybersecurity provider Picus Security found that the number of material cybersecurity incidents reported to the FCA by financial institutions in 2021 was up more than 50% on the number of such incidents reported in 2020. Almost two-thirds of the incidents reported were cyber attacks and 20% of cases were ransomware attacks.
“The threat of a cyber attack has increased significantly in the last few…
