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.”
- CONTRACT SIEM Cyber Security Operations Engineer. REMOTE
- United Kingdom
REFCH8165 CONTRACT SIEM Cyber Security Operations Engineer. REMOTE UK SIEM Engineer. 6 month Contract. Inside IR35 Working towards a "SOC 2" environment. CLOUD (AWS) experience essential. Three key functions; Monitor, Escalate and Triage incidents. Vulnerability Management / threat intel. SIEM configuration / management, review, enhancement More specifically; Work with internal teams to identify assets. Identity applicable threat feeds and work with internal teams to remediate. Patch Patch Patch. (Help mature process / identify gaps) Configuration / fine tuning of SIEM alerts. Create dashboards, Compliance reporting. Log ingestion. Experience across ISO27001 / SOC2 / SIEM / End Point Security is essential Contact me today for more information Chris.Holt@dclsearch.com Or 07884666351
- Cyber Security Operations Engineer. REMOTE UK. SOC2
- United Kingdom
REF8164 Cyber Security Operations Engineer. REMOTE UK Internal opportunity. New position. Exclusive to DCL Search. You will be the hands on technical eyes and ears of the Cyber security capability actively working to ensure and enhance the adherence to ISO27001 and "SOC 2" controls. You role will touch on the following · Security Monitoring- SIEM · Vulnerability Management / Testing · Incident Management · Asset management · Disaster Recovery planning · Change Management AWS Cloud experience is essential as is the ability to ensure patch management is prioritised across the business. Any CLOUD SIEM experience highly desirable. Contact me today for more information Chris.Holt@dclsearch.com Or 07884666351
- Lead Security Architect
- United Kingdom
Engage with key clients in an Architectural / technical presales capacity. Including Stakeholders, end users / partners. Working on new and existing Security projects to confirm that proposed solutions are fit for purpose from both a technical and regulatory capacity. Working closely with multiple vendor . Managed security service background ideal CLOUD Security (AZURE OR AWS), IDAM background ideal.
- Threat Vulnerability Management Analyst
- United Kingdom
To monitor, identify and alert internal teams of cyber threats and vulnerabilities. MIRE Att&ck, CIS, OWASP, Vulnerability management tools MUST be able to commute to central London MUST be able to achieve UK SC Clearance. On going support and development.