UK businesses are facing soaring cyber insurance premiums caused by higher claim risks at a time of heightened exposure to cyber-attacks, a survey by Mactavish has revealed.
Mactavish surveyed companies with over a 10m turnover, across industries including technology, manufacturing, aviation and maritime sectors, construction and Energy companies. Over half of large businesses (56%) who have prioritised cyber protection, said the rising policy costs have contributed to cutbacks in other areas of the business.
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