Reading: JLT reports 50% increase in demand for cyber related insurance

The demand for cyber related insurance cover has increased by 50% in the first three months of 2015 compared to last year, according to insurance broker and risk management adviser JLT Specialty (JLT).

Demand has been fuelled by the growing threat of cyber crime and the increased publicity and awareness of the damage an attack can have on a company’s reputation, data security and business continuity.

Cyber crime attacks are reported in the news on a daily basis and although these mainly concern multinational, publically-recognised companies such Sony Pictures, which had its network hacked in 2014, it is now recognised that this threat is very real for most businesses, regardless of size.

Commenting, Peter Cant, head of JLT’s Reading Risk Practice, said: “With over a billion records breached last year, it’s tempting to believe that data privacy is the only risk that matters in a cyber context. However, cyber attacks on industrial control systems can also bring production to a halt causing major business interruption issues.

“It’s clear that companies are taking this ‘not-so-emerging-but-fully-emerged’ risk seriously and are conducting a more thorough approach to assessing cyber risk exposures. As issues evolve and risks are identified, it’s vital to have dedicated cyber related cover in place rather than relying on inclusions that exist in some traditional policies. When put to the test these might fail to protect your business.”

JLT has joined up with local firms including Harrison Clark Rickerbys, Clearswift and the Regional Organised Crime Unit to host a free seminar providing advice on how to implement strategies to fight this growing risk.

To register go to: https://www.jltspecialty.com/cyberseminaroct2015#tabOne