Only one in ten UK firms have no cyber security insurance

The UK is leading by example in terms of having insurance in place to mitigate against cyber attacks, a new Europe-wide survey has revealed.

Just ten per cent of UK executives who took part in FICO’s survey admitted their firm has no cyber security insurance, compared to 24 per cent in all 11 countries included in the research, which quizzed security executives at 500 companies.

Despite cyber security insurance being widespread in the UK, only 38 per cent of UK firms surveyed have cyber security insurance that covers all risks.

Telecommunications firms were found to be the most likely to have no cyber security insurance at all, with 17 per cent reporting this, compared to just five per cent of financial services firms.

A spokesman at Silicon Valley analytics firm FICO said cyber security insurance has quickly become a must-have for UK firms and believes there is still some way to go until firms have a broad view of their security posture and how to present it for insurance.

Maxine Holt, research director at Ovum - which carried out the research on behalf of FICO - added: “We should not detract from the positive news here; 90 per cent of UK organisations have elevated the importance of cyber security to a level that requires insuring, even if only partially."

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