topic Seven in 10 firms don't have cyber insurance - UK in Governance, Risk, Compliance

Seven in 10 firms don't have cyber insurance - UK

Caute_cautim — Mon, 09 Oct 2023 10:39:37 GMT

Hi All

An interesting piece on cyber insurance and the issues UK organisations face with Professional Indemnity Insurance also with the same acronym as PII. Which could be quite confusing.

https://www.lawsociety.org.uk/contact-or-visit-us/press-office/press-releases/seven-in-10-firms-dont-have-cyber-insurance

Regards

Caute_Cautim

Re: Seven in 10 firms don't have cyber insurance - UK

JoePete — Tue, 25 Jul 2023 13:15:28 GMT

It's a bit cursory to draw conclusions based on just whether someone purchased insurance. One of the issues is the degree to which insurance will cover all your costs or if there are caveats. The fine print is getting finer. Insurers aren't covering ransoms paid, regulatory fines, etc. I can understand how when the numbers are run, in some cases, it is more cost-effective to just accept the risk than insuring against it.