report by NTT Security has revealed that only a third of UK businesses are insured against information security breaches and data loss, despite annual losses from cyber crime estimated to be topping £291 billion. 

According to the Risk:Value report, UK businesses would have to spend £1 million on average to recover from a breach. 

The report also show that nearly half of senior executives are unaware as to what their company insurance policy covers them for. 

Matthew McKenna, Vice President, EMEA at SecurityScorecard, believes many companies are facing difficulties with unclear cyber insurance policies, particularly those in the small and midsize business segment where a dedicated cyber security professional may not be present.