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.”
Source: information-age

Latest Jobs
-
- Identity Channel Partner Manager | London
- London
- N/A
-
Identity Channel Partner Manager | London Location: South East UK (commutable to London) We are working with a Cyber Security business who are looking for a Channel Partner Manager to drive and grow relationships across their identity ecosystem. Prior experience working within VARs, distributors, vendors or resellers in the identity space is essential. You must have experience working with technologies such as CyberArk, Sailpoint, Okta etc Responsibilities will include, but not be limited to: Build, maintain and develop strong relationships with channel partners. Work closely with partner sales teams to support growth drive sales opportunities. Identify and onboard new partners while strengthening existing partnerships. Act as the key point of contact for all channel-related activity. If you are an experienced channel professional, with experience in the Identity space and are ready for your next challenge, apply today.
-
- Service Architect- DACH regions
- Germany
- Upto €110,000 plus bonus and benefits
-
Lead Service Architect with the authority and experience to take control of complex, multi-million-euro outsourcing bids. This role is about leading the Service/ solutioning effort, bringing structure to chaos, and driving the entire bid team to deliver winning proposals. The company area a global managed services business working with enterprise and public sector clients, across Cloud, End-User Computing, Digital Workplace, Service Desk, and Network Infrastructure. What You’ll Do: Lead Service/ solution design from qualification to contract. Control bid teams — architects, pricing, delivery, and SMEs. Break down RFPs/RFIs into actionable, costed, client-ready solutions. Present internally and to clients at decision-maker level. Run solution workshops, own the architecture, and shape the financial model. You’ll Need: Experience working as a Service architect, Service Manager or Customer Success Manager R Gravitas to lead and drive teams through high-stakes bids. Deep knowledge of managed services delivery and commercial models. Strong technical grasp: Cloud, Security, EUC, Unified Comms, Service Desk, and more. Experience leading deals across onshore, offshore, and hybrid delivery models.
-
- Deal Architect- DACH region
- Germany
- Upto €110,000 plus bonus and benefits
-
Lead Deal Architect with the authority and experience to take control of complex, multi-million-euro outsourcing bids. This role is about leading the solutioning/ Service effort, bringing structure to chaos, and driving the entire bid team to deliver winning proposals. The company is a global managed services business providing solutions to enterprise and public sector clients, across Cloud, End-User Computing, Digital Workplace, Service Desk, and Network Infrastructure. What You’ll Do: Lead the deal from qualification to contract. Control bid teams — architects, pricing, delivery, and SMEs. Break down RFPs/RFIs into actionable, costed, client-ready solutions. Present internally and to clients at decision-maker level. Run solution workshops, own the architecture, and shape the financial model. Be responsible for the service Wrap and ensuring the Service meets clients requirements You’ll Need: A back ground with IT Services Experience in a similar type of role, for example: Deal, Service, or Solution Architect in ICT outsourcing. Gravitas to lead and drive teams through high-stakes bids. Deep knowledge of managed services delivery and commercial models. Strong technical knowledge: Cloud, Security, EUC, Unified Comms, Service Desk, and more. Experience leading deals across onshore, offshore, and hybrid delivery models.
-
- Pre Sales Lead- IT Services
- Germany
- Upto €100,000 plus benefits
-
As the Pre-Sales Lead (Sales Engineer/ Solution Architect) you will drive large-scale ICT managed services and outsourcing deals (from €0.5M to €20M+). You'll work directly with Business Development and clients to design high-impact solutions across Cloud (Azure, IaaS, SaaS, PaaS), EUC, Unified Comms, Security (SIEM, PAM), Networks, and Smart Workplaces. What You’ll Do: Lead the end-to-end pre-sales cycle — from RFI/RFP to contract. Design innovative, client-specific solutions with technical & commercial impact. Present at CxO level and steer proposal strategies & financial models. Collaborate closely with Portfolio, Service Desk, Field, and Digital Workplace teams. Support deal shaping with strong knowledge of ITIL, SIAM, Automation, and cost analysis. What You’ll Bring: Have strong experience in pre-sales or solution architecture. Experience with €M+ managed service deals. Deep technical expertise in modern ICT stack and enterprise IT services. Strong German (C1) and English communication skills. Certifications: ITIL v3/v4 required; SIAM, ISO20000 desirable.