Alongside this growth, the opportunity for insurers to provide cyber insurance has also appeared – with this particular line now one of the fastest growing in the whole industry. However, the risks of cyber attacks and the financial damage they can cause are not equal for all businesses. According to IT support-provider AAG’s latest cyber crime data, published this month (February 2024), while 32% of UK businesses reported suffering a cyber attack or breach in 2023, this rose to 59% for medium-sized businesses and 69% for large businesses. Claud Bilbao, UK underwriting director at cyber insurance provider Cowbell, tells Insurance Times: ”Size has a real bearing on the potential risk a business faces. “The uptake of cyber insurance for mid-market businesses may be increasing – driven by a a growing awareness of cyber risk and the potential impact of cyber incidents – but barriers to adoption still exist.

Source: The Times February 16, 2024 14:41 UTC