It’s nearly impossible for big businesses to get insured against cyber attacks

Now there are calls for the government to set up a bailout fund for hacked businesses

Only 2% of large businesses have insurance specifically against cyber attacks because insurers are wary of making big pay outs.

While the cyber insurance market is expanding, cover for being hacked is difficult to find, according to research by the government and insurance broker Marsh.

Insurers could be forced to pay out up to £20bn in one go, if a large business suffers a serious breach, making it very risky for insurers to offer cover.

Cyber insurance as a whole is worth £1.5bn to £2bn a year globally, but many policies don’t cover hacking.

About four in five large UK businesses have suffered some kind of cyber attack in the last year, leading to calls for the government to set up some kind of fund to compensate companies who are victims of hacking.

NOW READ:

Dollar

Check out the billion-dollar tech companies Britain has produced just this year


Britain centre of world

Leaving the EU could cost the British economy £56bn a year, think tank warns


House of Lords 2013

Want to join the House of Lords? Turns out you can “buy” peerages. Here’s how

Social Bookmarks