Although UK organisations are increasingly protecting themselves by way of implementing cyber security risk insurance, nearly a third of them haven’t yet taken out any form of cover.
A new survey conducted by research and consultancy firm Ovum for FICO reveals that, even among those companies that do have insurance, only 28% said they have cyber security insurance covering all risks.
Even though the majority of businesses surveyed have cyber security insurance, most suggest that the risk assessment process insurers use needs improvement. Just 31% of respondents think their premiums reflect an accurate assessment of their risk. Nearly as many, 29% in fact, said they don’t believe the assessment accurately reflects their risk, while 11% observed that they don’t know how their insurance is priced.