The risk of cyber threat and cyber losses has long been on the rise and, as a result, the market is seeing an increase in the spend by UK insurers on cyber security. According to a survey carried out by PWC and the Confederation of British Industry, 40% of UK insurers are expected to spend more on protecting their business against cyber threats in the coming year.
According to the survey, there has been a significant increase in the frequency with which incidents related to cyber security occur, and the research conducted by PWC suggests that the number of incidents to which companies are being exposed is rising. As a result, the market is seeing an increase in expenditure in the area of cyber risk management. An emphasis is being put on establishing the nature of the data held by companies, properly classifying the data, and protecting the data where necessary.