Back in April, the home office commissioned a Cyber Security Breaches survey of UK businesses, charities and education institutions as part of the National Cyber Security Programme, in partnership with the Department for Science, Innovation and Technology (DSIT).
The findings in the survey give insight into UK cyber resilience right now, from threats organisations are facing to the actions they have to implement to keep their organisation safe.
One of the areas it highlights is the use of cyber insurance, which is what I wanted to focus on today.
Cyber insurance – do we need it?
Cyber attacks hit the news daily in varying forms and no organisation, no matter their size is immune to an attack. In our personal lives and work lives we’re used to insuring against potential hazards and incidents, from protecting buildings and contents to insuring our own health. So, with cybercrime weaved into the everyday, is it time for every business to make cyber insurance a priority?
Who’s using cyber insurance?
In the survey, the DSIT and home office surveyed 991 businesses and 456 charities asking what type of cyber insurance they have in place, they found …
- 35% of businesses and 29% of charities have cybersecurity cover as part of a wider insurance policy
- 8% of businesses and 5% of charities have a specific cybersecurity insurance in place
The highest percentages of organisations using specific cybersecurity insurance were among the medium and larger business with 25% having a policy in place. Why? It’s likely to be around resources and finances. Medium business may be able to afford specific insurance compared to smaller organisations.
As you can see, the percentages aren’t huge but they are increasing. Since 2023, organisations with some form of cyber insurance in place has increased from 37% to 43%, indicating the increasing awareness of cybercrime and the need to be protected.
The benefits of cyber insurance
In the event of a cyber-attack or data breach, cyber insurance can help an organisation with a number of things ranging from covering financial losses or recovering costs related to remediation processes such as refunds to customers, paying for investigations and legal services.
Like with any insurance policy, cover can vary and it’s important to do your research.
The importance of cybersecurity
When it comes to cybersecurity, taking a proactive approach is always best, from implementing robust solutions and tech, to obtaining certifications like Cyber Essentials. And now, as we can see, it looks like cyber insurance is also growing in popularity.
At Arcus Technology, our approach is prevention first, which is why we have a range of IT support services, strategies and solutions to enhance business security. You may be thinking you don’t know where to start, but that’s where we come in …
– We monitor the market to ensure our customers receive honest, industry-leading recommendations and tools tailored to their business.
– We provide audits to assess gaps in your cybersecurity, providing guidance to keep your defences effective.
– We offer Cyber Essentials certification and security awareness training for organisations.
If you’d like to discuss your cybersecurity needs or find out more about how Arcus can help, please get in touch.