2017 Analysis of Cyber Liability Insurance Industry in the UK

1
Cyber Liability Insurance in the UK Key Trends
and Opportunities to 2017
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• Published August 2013
• Single User PDF US 2795
• Corporate User PDF US 5590

2
Cyber Liability Insurance in the UK Key Trends
and Opportunities to 2017

• Cyber liability insurance is a newly-established
  category in the UK, estimated by the industry to
  represent GBP34 million, or just 0.01 of the
  countrys non-life gross written premiums. A
  large potential market exists, with an estimated
  4.8 million private businesses in the UK.
  Developments in the use of information technology
  for business have raised the issue of liability
  in cyberspace. Firms collect, manage and store
  data electronically, social media interaction has
  increased and portable computing devices are
  growing in popularity. This technological
  evolution increases exposure to cyber threats
  such as hacking, extortion, data leaks and
  business downtime. A number of high-profile data
  leaks during 2011 and 2012 highlighted the costs
  involved when personal data is exposed the
  monetary costs of launching an investigation and
  compensation payouts, as well as costs which are
  more difficult for underwriters to quantify, such
  as damage to reputation all have to be taken into
  consideration. Industry surveys suggest that
  firms are unaware of cyber liability products. It
  is likely that managers believe these intangible
  risks are covered by their existing commercial
  liability insurance policies, but traditional
  policies do not tend to address issues related to
  the internet or electronic data.
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3
Cyber Liability Insurance in the UK Key Trends
and Opportunities to 2017

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