With cyber risks on every boardroom agenda, the moment has come for the cyber insurance sector to respond
“Globally, cyber crime costs businesses somewhere in the region of $300 – $600 billion ”
In 2014 alone, an estimated 110 million American citizens had their personal information exposed via some form of cyber breach. Globally, cyber crime costs businesses somewhere in the region of $300 – $600 billion, and that is just an estimate.
“There is a wider point to be made here in that [cyber] is a global issue, not just a local one ”
The passage of a US bill that extends liability protection for companies prepared to share information about cyber attacks should be replicated globally, according to cyber insurance experts.
- March 31, 2015
- Safeonline Blog
The past year has been a busy one for insurance brokers operating in the cyber risk class, due to the launch of a joint initiative by the Government and the insurance sector to help cement the UK’s position as the global leader in cyber security insurance. This new initiative builds on the 10 Steps to Cyber Security guidance published in late 2014, and the Cyber Essentials Scheme which is designed to encourage basic cyber security practice within businesses.