Only 2 percent of large British firms have cyber insurance: report

Only 2 percent of large British firms have separate insurance against cyber attacks and the number dwindles to nearly zero for smaller firms, the government said in a report on Monday. Responding to concern that companies are not protected against the risks of cyber attacks, which cost billions of pounds annually to the UK economy, the report, published jointly with insurance broker Marsh, recommends that the government and the insurance industry pool data and information to encourage take-up of cyber insurance. Half of the business leaders interviewed for the report did not even know cyber insurance existed, it said, even though many firms place cyber attacks among their leading risks. "Cyber attacks against UK companies present a daily threat to normal UK business operations and are increasing in severity," the report said.



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