UK Cyber Insurance 2017

Table of Contents
1. EXECUTIVE SUMMARY 2
1.1. The UK cyber insurance market is still evolving 2
1.2. Key findings 2
1.3. Critical success factors 2
2. THE GROWING NEED FOR CYBER INSURANCE 7
2.1. Introduction 7
2.2. Cybercrime is becoming an increasing risk for businesses 7
2.2.1. The rise of digital for businesses has grown the opportunity for cyber-criminals 7
2.2.2. Crime is moving online 8
2.2.3. The full extent of cybercrime is hard to assess 10
2.2.4. There are a broad range of cyber risk characteristics 10
2.3. All businesses are vulnerable to cybercrime 11
2.3.1. Cybercriminals are targeting large businesses and SMEs 11
2.3.2. Cyber insurance penetration is increasing over time 12
2.3.3. Cyber insurance uptake is low for small businesses, despite them being vulnerable 14
2.3.4. All industries that hold valuable customer information are at risk 15
2.3.5. Cyber insurance penetration varies by industry 15
2.3.6. Businesses are at risk no matter how sophisticated their cyber security system 16
2.3.7. Many of the main business concerns for SMEs are cyber-related 17
2.4. There have been many recent high-profile cyber-attacks 18
2.4.1. TalkTalk was fined