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Cyber crime is an increasing fact of life in a world that’s rapidly filling up with electronic devices. Are insurers keeping pace with what might go wrong or are they falling behind? Intelligent Insurer reports.
Mention the words ‘hacker’ or ‘cyber crime’ to most people and the chances are that they’ll think of a stereotypical scene from a film. Cyber crime is evolving and changing—but are people keeping pace with that change?
According to UK Cyber Security: The Role of Insurance in Managing and Mitigating the Risk, a March 2015 report issued by the UK’s cabinet office in conjunction with Lloyd’s, cyber threats are estimated to cost the UK economy billions of pounds each year, with the cost of cyber attacks nearly doubling between 2013 and 2014.
The report found that, while larger firms have taken some action to make themselves more cyber-secure, they face an escalating threat as they become more reliant on online distribution channels and as attackers grow more sophisticated. It issues a call to arms for insurers and insurance brokers to simplify and raise awareness of their cyber insurance offering and ensure that firms understand the extent of their coverage against cyber attack.
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