One third of UK firms have no plan to combat cyber threat finds survey
The survey also finds that over half businesses still feel insurance is not the answer to their cyber risks and have no cover to mitigate the threat.
According to the survey of over 400 UK businesses the number that have a plan in place to protect against cybercrime or a data breach has risen by 14% over the last year.
QBE said this represents a clear increase in awareness and active steps taken to prevent online fraud and crime amongst UK companies. Although 32% of the companies questioned still have no plan in place for protecting against, or responding to, a cyber attack, this number has fallen from 46% 12 months’ ago.
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While effective risk management is therefore seen as increasingly key to protecting businesses from the threat posed by online criminals, the number of companies accessing the insurance market remains below half at 52%.
David Harries, Director of Casualty International and Professional and Financial Lines, QBE European Operations commented: “It is reassuring that there is growing awareness amongst UK businesses about cybercrime. I would urge all organisations to consider cyber insurance as soon as possible and for those with existing cover to check that they are comprehensively protected against all types of online crime and data breaches and no elements are omitted or excluded.”
The survey also finds that the financial services sector takes cyber risk management most seriously and reveals drastic differences in approach between varying sectors.
94% of respondents from financial services firms have a risk management plan in place to protect against cybercrime with 69% having insurance cover in place.
This contrasts sharply with the building and construction industry where only 44% have a plan and just over a quarter, 26%, have insurance.
The survey’s data was collected in January 2013. The interviews were conducted by telephone using quota sampling. Respondents were qualified as owners, managers and decision-makers and were evenly split between large, medium and small enterprises.
