CCR Magazine

You are here  :Home arrow News arrow Nearly One-Third of UK Firms Don’t Have Cybersecurity Insurance
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines


Commercial Credit News


Nearly One-Third of UK Firms Don’t Have Cybersecurity Insurance PDF Print E-mail
Wednesday, 31 May 2017
UK firms are increasingly protecting themselves with cybersecurity risk insurance, but nearly a third of firms have not taken out insurance yet. A new survey conducted by research and consultancy firm Ovum for Silicon Valley analytics firm FICO reveals that even among those that have insurance, only 28 percent said they have cybersecurity insurance that covers all risks.

FICO will host a Tweet Chat on the cybersecurity survey with Ovum tomorrow at 16:00 BST. Individuals are encouraged to participate using #cybertrends.

Even though the majority of firms surveyed have cybersecurity insurance, most say that the risk assessment process insurers use needs improvement. Just 31 percent of respondents think their premiums reflect an accurate assessment of their risk. Nearly as many, 29 percent, said they don’t believe the assessment accurately reflects their risk, and 11 percent said they don’t know how their insurance is priced.

“The UK will soon be subject to General Data Protection Regulation (GDPR), which introduces higher fines in cases of data breach,” said Steve Hadaway, FICO general manager for Europe, the Middle East and Africa. “Even if attacks don’t increase in volume, firms could end up paying more, which makes having comprehensive insurance more important. At the same time, companies have a right to expect that they will pay less if their protection is better. The onus is on the cybersecurity insurance industry to make sure insurance rates are fairly set for each individual firm, based on a sound analysis of its risk.”

Ovum conducted the survey for FICO through telephone interviews with 350 CXOs and senior security officers based in the US, Canada, the UK and the Nordics in March and April 2017. Respondents represented firms in financial services, telecommunications, retail, ecommerce and media service providers.

For more information, read our white paper:

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online


CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road

Registered in England No: 05483197