The Government has published a report, “UK cyber security: the role of insurance in managing and mitigating the risk”, which evaluates how insurance can help make UK companies more resilient to cyber threat. The report highlights the growing threat of cyber-attacks and the consequences on businesses as well as the lack of awareness on the availability of insurance; less than 10% of companies have cyber security insurance. The Report centres on a new joint initiative between the Government and the insurance sector to help firms to get to grips with cyber risks. The report recommends companies see cyber threats as a commercial risk rather than an IT issue; finding that 81%  of large businesses and 60% of small companies suffered a cyber- security breach last year. The report also found that insurers can assist companies in managing their cyber risks and encourages the use of the Government’s recently-launched Cyber Essentials, which aims to guide businesses in protecting themselves against cyber threats by setting out the basic technical controls that all organisations should have in place.

‘Cyber security: the role of insurance in managing and mitigating the risk’ Report