Cyber insurance still too expensive and complex, Government report admits
"The UK must urgently find ways to make cyber risk insurance cheaper and less complex for the firms that could benefit from it, a major report compiled by the Government with input from the insurance industry and business has concluded.
The Government signalled its determination to get to the bottom of what has been slowing the uptake of cyber risk insurance last November when it set up the working group that has now published UK cyber security: the role of insurance in managing and mitigating the risk.
After re-stating the Government’s determination to make London a major world cyber security insurance hub, the document identifies a number of problems that continue to bedevil the market’s development.
A major issue appears to be that of cost, with cyber cover roughly three times more expensive than for general liability and six times more than for property. Compounding this, insurers have adopted a flat pricing structure in which all firms are charged similar rates regardless of their underlying risk which further discourages take-up.”
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