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A study by Coalition, a cyber insurance provider, reveals that many IT security leaders in midsize UK businesses are wary of cyber insurance, with only one in five (19%) respondents reporting a positive experience with it.
The survey, conducted earlier this year with 500 senior cybersecurity professionals from mid-sized UK firms, found that 87.6% had experienced a cyber-attack in their current or past roles. This highlights the urgent need for cybersecurity investment and effective cyber insurance policies to mitigate the costs of these attacks.
When asked about their views on cyber insurance, 30.6% said providing the required information to insurers was difficult, and 25% felt insurers lacked cybersecurity expertise.
Regarding expenditure on cyber defences, 43.4% of those surveyed reported insufficient funds to adequately protect against cyber threats.
Tom Draper, Coalition’s UK Head of Insurance, commented, “Our results show that many IT departments currently see cyber insurance as more of a ‘nice to have’ and not as a key pillar in their cyber risk management strategy. The findings also suggest that businesses are underwhelmed with their options and experiences. The message coming across loud and clear is that the UK cyber insurance industry has to be better at engaging with clients.
“By bringing IT security into the insurance conversation, insurers and brokers can increase trust in cyber insurance and better demonstrate its value. Coalition’s Active Cyber Insurance can fill some of the identified cybersecurity gaps through its cyber risk management platform, Coalition Control®, including threat intelligence, attack surface monitoring, and third-party risk monitoring.
“In addition, our mid-market clients find Coalition’s expertise in incident response, our onboarding calls explaining how we will support them through an incident, and our round-the-clock security support invaluable. This has to be the way forward.”
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