KPMG Highlight Lack of E-crime Insurance

Despite the growing use of new technology increasing the threat of e-crime, the survey of 200 businesses shows that the take-up of cover against this type of risk is relatively low. It also highlights a lack of awareness of the e-crime threat.

Over three quarters (78%) of UK IT security professionals do not have insurance, or do not know if their organisations are insured against e-crime legal costs. This is despite more than half (54%) seeing an increase in the threat level in the last 12 months, according to the research.

Malcolm Marshall, UK Head of Information Security at KPMG, said: “Businesses should be acutely aware of e-crime risks after various recent high-profile cyber attacks against big organisations. But they aren’t taking out insurance for a number of reasons.

“Not many out there know or understand what insurance is available. Many are also sceptical about the effectiveness of current policies and whether insurers will actually pay out against e-crime claims.”

To discuss your e-crime insurance needs, contact your broker.