Bluefin Insurance has signed up to be a part of this year’s Let’s Talk Cyber 2016 event due to be held at the PGI Cyber Academy in Bristol on October 27.
With cyber security incidents rising, the insurance industry is playing a key role in supporting businesses of all sizes to both improve their resilience to cyber-attacks and to help them recover if the worst should occur.
38% Year-on-Year Increase in Cyber security breaches in businesses of all sizes
According to the Federation of Small Businesses (FSB), 66% of SMEs do not consider their business to be vulnerable to cyber threats. Yet, the latest data shows that 74% of SMEs reported they had suffered an information security breach in the past year. The average cost of the worst breach was between £75,000 and £315,000.
A separate report by the British Governments Cyber Security Breaches Survey 2016, just 37% of businesses surveyed said that they have some form of cyber security insurance. The report suggests that cyber security insurance is often a bolt-on to broader insurance policies. In the majority of cases, businesses had not sought out cyber security insurance specifically and there was a general lack of knowledge about what was covered within these policies.
In other words, while two-fifths think they are insured, they may not be covered if they have a breach.
To book a place at the event and receive further information please send the name of attendees to the following email address: PGICyber@pgitl.com or call 0845 600 4403