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Businesses warned of need for cyber insurance

Businesses warned of need for cyber insurance

Cyber insurance should become as common a purchase for UK businesses as property insurance within the next 10 years, the ABI has said.

Huw Evans, the director general of the ABI, said any company which uses the internet is vulnerable to deliberate attacks by thieves and data losses caused by human error.

He said: “At the moment, despite more than 80 per cent of large businesses suffering a cyber security breach in a 12 month period, only around 10 per cent have any form of cyber insurance.

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“Online breaches can cost millions, and would threaten the viability of many businesses, so the stakes are high.

“Cyber insurance is an increasingly important way for businesses of all sizes to manage this threat.”

He said the UK’s insurance industry already provides cover for cyber risk to customers around the world.