Latest niche market research study on “ United kingdom cyber Industry 2017 Market Research Report” published at Orbisresearch.com
”UK Cyber Insurance 2017″ discusses the growing need for cyber insurance and highlights product uptake among UK businesses. It explores how cyber insurance fits within a commercial insurance portfolio and examines the products offered by key market players. It demonstrates how the insurance sector can help improve understanding of cyber insurance, and how insurers and brokers can help promote the adoption of good practice to reduce the frequency and cost of breaches. This report will also discuss the most significant market developments over the past 12 months and how the sector is likely to develop in the future in reference to new initiatives and regulation.
The UK cyber insurance market is growing over time. Product penetration is increasing as businesses are becoming more aware of the need for cyber insurance in a world where they are dependent on the digital space and crime is moving online. All businesses are vulnerable and require cyber insurance, regardless of size or industry. While there is a large opportunity for insurance providers to increase product penetration and grow their commercial books, they must be cautious due to the unknown exposure and scale of cyber risk. Ultimately cyber insurance is still developing its place within commercial insurance portfolios.
Browse the full report: http://www.orbisresearch.com/reports/index/uk-cyber-insurance-2017 .
– It is estimated that fraud and cyber offenses make up 47.3% of all crime according to the Crime Survey of England and Wales conducted by the Office for National Statistics.
– Cyber insurance penetration is increasing. 13.7% of UK SMEs held cyber insurance in 2016, compared to 2.1% in 2014.
– The average total organizational cost of a data breach is also increasing. In the UK it rose by 14.5% from $3.45m in 2014 to $3.95m in 2016 according to the Ponemon Institute.
Purchase a copy of this report @ http://www.orbisresearch.com/contact/purchase/240336 .
Reasons to buy
– Gain a better understanding of the need for cyber insurance among UK businesses.
– Understand how cyber insurance fits within the commercial insurance space and how it is likely to evolve over time.
– Discover how regulation and new government initiatives will impact the market.
Request a sample of this report @ http://www.orbisresearch.com/contacts/request-sample/240336.
Some Points From List Of Tables :
Figure 1: Fraud and cyber offenses make up nearly half of crime in England and Wales 9
Figure 2: Bank and credit account fraud is the most common type of online crime 9
Figure 3: The taxonomy of cyber risk for businesses 11
Figure 4: The percentage of UK SMEs holding cyber insurance has risen significantly in recent years 13
Figure 5: Cyber insurance has the lowest uptake of all commercial products among UK SMEs 13
Figure 6: Uptake of cyber insurance increases with business size 14
Figure 7: Mining, electricity, gas and water supply services have the highest uptake of cyber insurance 16
Figure 8: Cyber risks are a key concern for UK SMEs 17
Figure 9: Cyber risks are a key concern for UK SMEs 18
Figure 10: Over half of UK SMEs now think cyber insurance is easy to understand 22
Figure 11: Almost half of UK SMEs purchasing cyber insurance did so through a broker 23
Figure 12: Nearly 50% of UK brokers trade cyber insurance 23
Figure 13: AIG’s CyberEdge PC fills gaps in other commercial cover 25
Figure 14: Hiscox allows SMEs to build their own insurance portfolio directly online 27
Figure 15: The average per capita cost of a data breach remained steady between 2014 to 2016 30
Figure 16: The total cost from data breaches is increasing over time for organizations 30
Figure 17: The per capita cost of a data breach is highest in the healthcare industry 31
Figure 18: Third-party involvement and use of the cloud adds the largest costs to data breaches 32
Figure 19: The CESG has developed a 10-step guide to help businesses establish cyber security 35
Figure 20: The CESG has developed a guide to help businesses understand common cyber attacks 36