62% of UK Firms Lack Full Cyber Security Insurance - Despite a Rise in Overall Coverage
Fico research reveals that telecommunications firms lag behind other industries regarding cyber security insurance, with 17% reporting they have no coverage.
This was revealed in a survey based on numerous interviews with senior staff in the security and IT functions of companies with more than 500 employees in the UK and ten other countries. It found that only 38% of UK firms surveyed have cyber security insurance that covers all risks. While most respondents said that their cyber insurance is not based on an accurate assessment of their firm’s individual risk.
The study, which Ovum conducted for FICO, also found that the number of UK firms with cyber security insurance has risen in the past year – just 10% of UK executives surveyed say their firm has no cyber security insurance, compared to 24% in all 11 countries surveyed.
Telecommunications firms lag behind other industries regarding cyber security insurance, with 17% reporting they have no coverage, compared to just 5% of financial service firms.
Steve Hadaway, FICO general manager for Europe, the Middle East and Africa, said: “Cyber security insurance has become a must-have for UK firms in a short period of time.”
“But with that growth will come increased pressure on insurers to increase the transparency and fairness around how premiums are set. Businesses will demand that their investments in cyber security protection — and the strength of their cyber security posture — drive their premiums down.”
Taking into the growing impact of global cyber-related incidents, arguably it makes complete sense that the industry has also expanded. Lloyd’s of London warned in a report last year that economic losses from a single “cloud service disruption scenario” could reach as much as $121 billion.
With this mind, the pressure is mounting on chief technology officer’s to step up to the plate and protect British businesses from damaging cyber attacks, these are the words of Advanced’s CTO, Jon Wrennall, who in a recent whitepaper commented that “Undoubtedly the role of CTO is on the ascent. Every position on the board can, and should, be a driving force for the business. However, given the impact that digital disruption is having on every single industry, the connected CTO is, I believe, best placed in our digital world to truly drive the associated benefits”.
“However, it therefore also falls to the CTO to both manage and overcome the connected threats as well. Indeed, CTOs are fundamentally not doing their job if they don’t achieve this.”
Maxine Holt, research director at Ovum, said: “Although UK organisations perform well in terms of the uptake of cyber insurance, the fact that fewer than 40% have comprehensive insurance demonstrates there is still some way to go for these firms to have a broad view of their security posture and how to present it for insurance.”
“It could also show that these companies have a current security posture that insurers are not prepared to cover comprehensively. We should not detract from the positive news here; 90% of UK organisations have elevated the importance of cyber security to a level that requires insuring, even if only partially.”
- Identity & Access Management (IdAM) Consultant
- Upto €100,000 plus bonus and benefits
An Identity & Access Management Consultant is needed to lead and drive technical and or business transformation projects in a client-facing position for a prestigious consultancy in Germany. The Identity & Access Management Consultant will be responsible for technical design and implementation of Identity & Access Management/IAM products within a wide variety of clients. The Identity & Access Management Consultant will have a blend of technical hands-on and client-facing consultancy with the ability to develop new business. Broad technical knowledge across Identity and access management is benefical. The Identity & Access Management Consultant will need to have technical hands-on experience with one or more of the following core areas; Privileged Access Management (PAM, CyberArk, Beyondtrust, Thycotic) Identity Governance Administration (IGA, Sailpoint, Omada, RSA) Customer Identity & Access Management (CIAM, Forgerock PSD2) The Identity & Access Management Consultant must have the willingness to travel to customer sites across Germany (once we are allowed to)
- Create a Cyber Threat Intelligence capability. Analyst. UK
- United Kingdom
To join a cyber consultancy, to aid in building out a bespoke threat intelligence capability for a key client. A rare opportunity that provides support and the ability learning as you go. You must have a passion for all things Cyber and have a excellent command of the English language. (written and verbal). An ideal candidate would be a recent cyber graduate (degree, MSc, PHD) who can provide examples of executive summaries, dissertations / thought pieces. The role will include, but not be limited to; delivering executive summaries of current and potential threats to key stakeholders as well as identifying and building out a bespoke threat intelligence platform using the likes of Recorded Futures, WildFire etc which will feed into the SOC. The ability to achieve Security Clearance will be required. Crest Threat Intelligence Analyst, SANS FOR578 OSINT. UK based but remote. London, Reading for extra brownie points. Chris.firstname.lastname@example.org and +447884666351
- Network Security Presales Consultant
- Upto £75,000 plus coms
A new opportunity has arisen within the presales team of one of our clients an expanding managed security provider. You will be working with an array of customer from small to large global enterprises and will be the technical lead through the sales process. Provide both a consultancy service to customers and support to the sales teams. Use knowledge of the company’s products and services to translate customer requirements into functional, effective and appropriate solutions for the prospective customer base. To understand customer requirements, assist in the qualification processes and by utilising the company’s standard product and services portfolio to create a suitable solution in concept. Present technical solutions to customers both formally and informally as required We are looking for someone with a strong network security background with knowledge of one of the fellowing vendors, Checkpoint, Fortinet, Palo Alto, Ciso would be benefical
- Penetration tester- Inside IR35. London. High profile client.
- £400 Umbrella rate
Penetration tester- Inside IR35 £310 Umbrella rate Long term project London Application and mobile (android / iOs) penetration testing experience Manage and deliver penetration testing project Ability to program or script Strong analytical skills Opportunity to build upon existing hands on experience. Amazing project- high profile client. MUST be commutable to London. Immediate opportunity Chris.email@example.com 07884666351