UK Cyber Insurance Market Statistics 2017 latest report deeply analyze United Kingdom (UK) Cyber Insurance Market Size, Share, Key Players,Growth Analysis including future of cyber insurance and security Industry.
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ReportsnReports added “UK Cyber Insurance Market Statistics 2017”. According to study Cyber Insurance Market is growing over time.
Product penetration is increasing as businesses are becoming more aware of the need for cyber insurance in a world where they are dependent on the digital space and crime is moving online. All businesses are vulnerable and require cyber insurance, regardless of size or industry.
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Companies mentioned in this report: AIG, Zurich, Aviva, Hiscox
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Businesses should be focusing on improving their cyber security, aiming to prevent breaches to protect customer data. While cyber insurance itself cannot prevent breaches, it has become an important tool in helping organizations recover from attacks and mitigate the impact on business continuity in all aspects of trade and reputation.
Providers should promote cyber security, as increasing claims frequency and severity would put pressure on market profitability. Report provides better understanding of the need for cyber insurance among UK businesses and how cyber insurance fits within the commercial insurance space and how it is likely to evolve over time.
Report also discusses egulation and new government initiatives which will impact the UK Cyber Insurance market.
It is estimated that fraud and cyber offenses make up 47.3% of all crime according to the Crime Survey of England and Wales conducted by the Office for National Statistics (ONS). Cyber insurance penetration is increasing.
13.7% of UK SMEs held cyber insurance in 2016, compared to 2.1% in 2014. The average total organizational cost of a data breach is increasing.
In the UK it rose by 14.5% from $3.45m to $3.95m from 2014 to 2016 according to the Ponemon Institute.
Access 44 pages deep research report UK Cyber Insurance Market 2017 at www.reportsnreports.com/purchase.aspx?name=933277 .
The report UK Cyber Insurance Market 2017 discusses the growing need for cyber insurance and highlights product uptake among UK businesses. It explores how cyber insurance fits within a commercial insurance portfolio and examines the products offered by key market players.
It demonstrates how the insurance sector can help improve understanding of cyber insurance, and how insurers and brokers can help promote the adoption of good practice to reduce the frequency and cost of breaches. The report will also discuss the most significant market developments over the past 12 months and how the sector is likely to develop in the future in reference to new initiatives and regulation.
Key Points Covered In Report
1.1. The UK cyber insurance market is still evolving
1.2. Key findings
1.3. Critical success factors
- THE GROWING NEED FOR CYBER INSURANCE
2.2. Cybercrime is becoming an increasing risk for businesses
2.2.1. The rise of digital for businesses has grown the opportunity for cyber-criminals
2.2.2. Crime is moving online
2.2.3. The full extent of cybercrime is hard to assess
2.2.4. There are a broad range of cyber risk characteristics
2.3. All businesses are vulnerable to cybercrime
2.3.1. Cybercriminals are targeting large businesses and SMEs
2.3.2. Cyber insurance penetration is increasing over time
2.3.3. Cyber insurance uptake is low for small businesses, despite them being vulnerable
2.3.4. All industries that hold valuable customer information are at risk
2.3.5. Cyber insurance penetration varies by industry
2.3.6. Businesses are at risk no matter how sophisticated their cyber security system
2.3.7. Many of the main business concerns for SMEs are cyber-related
2.4. There have been many recent high-profile cyber-attacks
2.4.1. TalkTalk was fined £400,000 by the ICO for failing to protect customer data
2.4.2. Yahoo disclosed two large-scale breaches at the end of 2016
2.4.3. The largest NHS trust was targeted by a ransomware attack in early 2017
- CYBER INSURANCE WITHIN THE COMMERCIAL MARKET
3.1. Cyber insurance is still evolving as a product
3.1.1. Cyber insurance is still finding its place in the commercial insurance market
3.1.2. The debate between standalone and add-on cyber insurance products
3.1.3. The risk of add-on cyber insurance products leaving businesses with gaps in cover
3.1.4. Understanding of cyber insurance is increasing
3.1.5. Brokers play an important role in the distribution of cyber insurance
3.2. A number of insurers provide cyber insurance
3.2.1. AIGs CyberEdge PC policy is flexible and designed to complement existing cover
3.2.2. Aviva targets the small and mid-market with a bolt-on cyber product
3.2.3. Hiscox offers a standalone cyber and data risk insruance policy directly online
3.2.4. Zurich has a global focus for its product and associated breach response service
3.3. The claims landscape is constantly evolving with cyberspace
3.3.1. Hackers are exploiting the human element when targeting businesses
3.3.2. There has been a rise in ransomware attacks
3.3.3. Cyber risk is moving beyond data privacy issues
3.3.4. The organizational costs of data breaches are on an upward trend
3.3.5. Healthcare experiences the highest severity of claims
3.3.6. Third-party involvement is the largest factor that increases per capita cost
- THE FUTURE OF CYBER INSURANCE AND SECURITY
4.1. The cyber insurance market will continue to grow
4.1.1. Preventing attacks should be a focus for businesses, but cyber cover is still essential
4.1.2. Insurers have an opportunity to help businesses reduce their cyber risk
4.2. The UK government is committed to tackling cybercrime
4.2.1. Cyber Essentials allows businesses to certify they are cybersecurity conscious
4.2.2. GCHQ has published a 10-step guide to help businesses protect themselves
4.2.3. The UK government is investing £1.9bn in a new National Cyber Security Strategy
4.3. The EUs GDPR will come into force in 2018, and will modernize data protection
4.3.1. The definition of what constitutes personal data has expanded
4.3.2. The directive will apply to anyone handling the data of EU citizens
4.3.3. Data processors will be subject to regulation
4.3.4. Those subject to regulation will need to show accountability
4.3.5. Customers have stronger rights when it comes to consent
4.3.6. Data breaches must be notified
4.3.7. Businesses may need to appoint a DPO
4.3.8. Regulation will be heavily enforced by large fines and frequent audits
4.3.9. The GDPR is expected to grow the cyber insurance market
4.3.10. The GDPR will drive better cyber security and help insurers model cyber risk
4.4. Cyber insurance will expand into personal lines
4.4.1. Cyber exposure for individuals has grown with the Internet of Things
4.4.2. Individuals are vulnerable to being targeted with cybercrime
4.4.3. AXA offers personal cyber insurance in France
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