• Privacy Policy
Saturday, June 10, 2023
Data Centre & Network News
ADVERTISEMENT
  • Data Centres
  • Networking
  • Infrastructure
  • Data
  • Magazine
  • Media Kit
  • Events
  • SUBSCRIBE
  • Contact
No Result
View All Result
  • Data Centres
  • Networking
  • Infrastructure
  • Data
  • Magazine
  • Media Kit
  • Events
  • SUBSCRIBE
  • Contact
No Result
View All Result
Data Centre & Network News
No Result
View All Result

UK lockdown leads to spike in cyber insurance uptake

Beatrice by Beatrice
March 9, 2021
in News
6 0
0
Share on FacebookShare on Twitter

Figures collected by insurance broker PolicyBee show a large increase in sales of cyber insurance since the UK went into lockdown in March 2020.

Data analysis by PolicyBee shows that cyber insurance sales increased by over 75% after lockdown was put in place in comparison to the number of policies sold in the first quarter of 2020. There was a particular spike in cyber insurance taken out by virtual assistants, who bought almost 30% of all policies sold in 2020. Figures collected by cyber security company Nexor found that the UK experienced a 31% rise in cybercrime amid the pandemic, so it’s encouraging that awareness of the dangers of attacks appears to have risen during the past year.

It seems the UK’s lockdown was a catalyst for a notable increase in small businesses and self-employed professionals taking out cyber insurance policies. The majority of desk-based workers were required to work from home for most of the year, leading to a higher likelihood of security breaches as employees set up home offices and had more limited access to IT support. Cyber-attacks on UK home workers were up 48% in the first six weeks of lockdown, so the rise in cyber insurance uptake suggests companies became aware of the added risks of employees working remotely and took extra precautions.

Virtual assistants (VAs), who usually work entirely online, purchased more cyber insurance products from PolicyBee in 2020 than any other business sector. In fact, some trade associations for VAs now make having cyber insurance a condition of membership, which shows how serious a threat to their members they believe cyber-attacks pose. Second to VAs in 2020 cyber policy sales was the IT sector. Naturally, IT professionals were in demand during the UK’s lockdown as businesses required support with challenges such as remote working or increasing their brand’s online presence.

Sarah Adams, cyber insurance expert at PolicyBee, says: “It’s encouraging to see businesses taking the threat of cybercrime seriously. The shift to home working last year prompted many businesses to review their insurance cover and add protection against increasing numbers of cyber-attacks. Workers such as virtual assistants usually have access to their clients’ personal information, bank accounts, cloud storage and social media accounts. A cyber-attack on their business could therefore be extremely damaging for their client’s as well as their own business.

“Cyber insurance covers the cost of repairing and restoring IT systems and data following a breach, and covers legal costs involved when informing clients and regulators such as the Information Commissioner’s Office. In situations where a business takes legal action due to the loss of their data, cyber insurance also pays the associated legal fees and compensation, if it comes to that.”

Tags: insurancelockdownPolicyBee
Share2Tweet2Share

Related Posts

AWS announces general availability of Amazon Security Lake

AWS announces general availability of Amazon Security Lake

June 9, 2023
34
Cyxtera receives court approval for ‘first day’ motions

Cyxtera receives court approval for ‘first day’ motions

June 9, 2023
39
evroc

evroc reveals plans to build Europe’s first sovereign hyperscale cloud

June 9, 2023
41
Three phase UPS DCNN News

Vertiv enhances its three-phase UPS channel offering in EMEA

June 6, 2023
69
Digital DCNN news

PowerHouse Data Centers assists the West African digital transformation

June 5, 2023
52
Torborg Chetkovich joins atNorth’s Board of Directors

Torborg Chetkovich joins atNorth’s Board of Directors

June 1, 2023
48
Next Post
Molex unveils results of global ‘state of 5G’ survey

Molex unveils results of global 'state of 5G' survey

Demand for Data survey sees Tableau launch New Online Region

Demand for Data survey sees Tableau launch New Online Region

ADVERTISEMENT
AWS announces general availability of Amazon Security Lake
Data

AWS announces general availability of Amazon Security Lake

June 9, 2023
34
Cyxtera receives court approval for ‘first day’ motions
Data Centres

Cyxtera receives court approval for ‘first day’ motions

June 9, 2023
39

Head office & Accounts:
Suite 14, 6-8 Revenge Road, Lordswood
Kent ME5 8UD
T: +44 (0)1634 673163
F: +44 (0)1634 673173

Data

AWS announces general availability of Amazon Security Lake

June 9, 2023
34
Data Centres

Cyxtera receives court approval for ‘first day’ motions

June 9, 2023
39
  • Privacy Policy

© 2023 All Things Media Ltd.

No Result
View All Result
  • Data Centres
  • Networking
  • Infrastructure
  • Data
  • Magazine
  • Media Kit
  • Events
  • SUBSCRIBE
  • Contact

© 2023 All Things Media Ltd.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Cleantalk Pixel
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.