“It’s not if, it’s when… cyber-crime is almost certain to affect your business, such is the onslaught of attacks from the dark web, says Oliver Wharmby.

Not a days goes by without cyber security being in the press in one way shape or form. Cyber and Cyber Crime claims are now making up more than 50 per cent of all claims in the insurance market and property professionals are by no means immune, yet the complacency around cyber liability insurance remains staggeringly high.”

(Oliver Wharmby - The Negotiator - February 2023)

How are businesses prioritising their insurance cover in order to cut costs? This article from Insurance Times investigates firms placing an importance on Cyber and a decrease in Business Interruption cover.

"There appears to be a noticeable lack of engagement from UK business leadership when it comes to cybersecurity matters, a new report from the Department for Digital, Culture, Media & Sport (DCMS) has found."

(Insurance Business UK - August 2022)

"New and insidious Microsoft Office vulnerability discovered, major warning issued for MSPs, Eurovision under attack and malware now being spread by telegram...

There's no rest for the wicked, and there was plenty of wicked cyber activity going on in the month of May.”

(CFC - May 2022)

Cyber risk trends are reported in a joint survey/study with Microsoft. Having the right insurance cover in place is only one way way of mitigating potential damage.

"After three years of unrelenting workplace disruption, digital transformation, and ransomware attacks, business leaders are no more confident in their ability to manage cyber risk than they were two years ago..."

(Insurance Business UK - May 2022)

"Due to the digital interconnectedness companies now have, the risk of cyberattacks and data breaches have only increased. It is now much easier for criminals to shut down a company’s network, steal personal or financial information, or put entire supply chains at risk.

This is where cyber coverage spills over into the liability space, as cyber insurance is also influencing the directors and officers (D&O) space, according to McIntosh."

(Insurance Business - October 2021)

"In Insurance Times’s April 2021 issue, Aviva’s head of cyber insurance Neil Arkle discusses the importance to all businesses of having cyber security in place and how brokers can help clients reduce their vulnerability.

The recent Aviva Risk Insights report identified cyber security and cyber incidents as the fifth-largest major risk facing UK businesses today, and the exposure to cyber risks will only increase."

(Insurance Times - April 2021)

"Gerry Glombicki, director in the insurance division at Fitch Ratings, said underwriters had been badly hit in 2020 by the rise in both the number and scale of cyber attacks.

Speaking during an online seminar this month as part of the credit rating firm’s Monte Carlo Reinsurance Rendezvous 2021 series, Glombicki said the figures outlining the cyber threat were now significant."

(Insurance Times - September 2021)