Is cyber cover becoming unaffordable for some companies?

By 5th January 2023 March 20th, 2023 Cyber, News
Insurance Edge

At a time of heightened exposure to cyber-attacks, UK businesses are facing soaring premiums for their cyber insurance, contributing to cutbacks in other areas of the business.

Bruce Hepburn, CEO of Mactavish states: “It would be ignorant to disregard the turbulent landscape the business world is confronted with in the face of the longest hard market on record with insurers pumping up premiums and creating long lasting hard conditions for policyholders. However, corporates must ensure they are protected against potential risks. The reality is that cyber-attacks are on the rise – 79% of respondents have been victim to one in the past 12 months – and they can truly devastate a company who do not have adequate, reliable protection. The impact of global crises, the war in Ukraine and the sustained impact of the pandemic mean that company risk profiles have changed and it’s important that businesses adjust their insurance policies to reflect this, or they’ll fall foul to a lack of protection at a time of increased vulnerability.”

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