A survey of UK businesses undertaken by QBE shows that more than two thirds of businesses, 67%, now have a plan to protect their company and its data against a cyber attack, compared to 53% in 2012. This is the second year that QBE has asked businesses about their cyber crime risk management procedures and is now seeing an uptick in awareness and active steps to prevent online fraud and crime by UK companies. Alongside these positive developments, 32% of UK companies still have no plan for either protecting themselves against or responding to a cyber attack – although this is an improvement from the 46% with no plan 12 months ago.
While effective risk management is key to protecting businesses from the threat posed by online criminals, there is also a critical role to be played by comprehensive insurance to cover costs and losses should the worst happen. The survey showed that currently more than half of UK businesses, 52%, have no insurance policy against fraudulent or malicious online activity against them. 40% of UK businesses, however, have responded to this growing problem by buying some form of insurance cover against cyber crime.
Dramatic sector differences on cyber crime
Perhaps unsurprisingly, the financial services sector is one of the best prepared and protected against a cyber attack, with 94% of respondents having a risk management plan and 69% having insurance cover to protect them against online crime. This contrasts sharply with the building and construction industry where only 44% have a plan and just over a quarter, 26% have insurance.
David Harries, Director of Casualty International and Professional and Financial Lines, QBE European Operations: “It is reassuring that there is growing awareness amongst UK businesses about cyber crime. I would urge all organisations to consider cyber insurance as soon as possible and for those with existing cover to check that they are comprehensively protected against all types of online crime and data breaches and no elements are omitted or excluded.”
