Cyber policy take-up grows in US and falls in UK

UK companies are cutting back on cyber insurance policies, according to lawyers, despite greater media coverage of surveillance and hacking issues.

Vinod Bange of Taylor Wessing says: 'In our experience, the vast majority have not insured themselves against such risk.' Richard Cumbley of Linklaters says: 'I have had clients report to me that they have found the exclusions of these policies so great that it doesn’t make them very valuable; the premiums may be outweighing the losses recovered in the EU.'

Data recovery costs

If this is an accurate reflection of the UK situation, it stands in contrast with the US where take-up appears to be growing and where a recent Symantec survey suggests that data recovery costs are higher - and so may make the payment of insurance premiums more worthwhile. Source: Computing