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EU Considers Making Cyber Insurance Compulsory

In today's world technology plays a vital part in the everyday trading of firms large and small across the UK. With this reliance on technology however there is an ever present danger of cyber attacks. Cyber attacks can come in many forms, but the main two are a computer virus disrupting your company's network and someone hacking into your company's server to steel sensitive information. Cyber attacks can lead to the disruption of your firms trading, potential law suits, additional costs to hire professionals to resolve damage to your firms IT infrastructure.

Recently the Insurance Times reported that over 50% of small business in the UK where victims to some degree of a cyber attack within the last twelve months. Furthermore they also stated that the average cost of each attack in the UK was around £75,000, on a global scale the figure is estimated at £200 billion per year. At present it is estimated that only 2% of UK firms have adequate cover in place in the event of a cyber attack.

It has been stated by Computer Weekly that the dangers of cyber attacks is being address thoroughly by the USA, with around 92% of US states making cyber security a compulsory requirement. It is expected that soon the EU will actions reforms to take a similar stance, which could potentially make cyber security compulsory in the UK.

As businesses utilise the internet more and more for their everyday trading, there is a strong case that they should protect themselves and their clients against any potential cyber risks. Therefore it is worth while considering getting a quote for cyber insurance to complement any existing business insurance policy. Each business of course will have different needs, but insurance brokers will be able to obtain policies tailored to each firms own specific needs. For your business insurance needs, please contact B & M Insurance.


Author: Ryan Hinegan

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