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UK firms aren't insured against cyberattacks

(Image credit: Image source: Shutterstock/lolloj)

Six in ten businesses that were victims of a cyberattack did not have cyber-insurance at the time of their most recent attack. This is according to a new report by SJL Insurance, which claims that almost one in ten of the victims don’t know or couldn’t even remember if they had any insurance.

Roughly half of senior decision-makers claim their business never had any cyber-insurance, and a third (31 per cent) don’t know. Adding the numbers up, it seems as more than three quarters (77 per cent) may have never had any cyber-insurance.

Almost one in four UK businesses recently suffered a cyberattack which cost them money. More than half have been hit more than once, and three per cent have been hit more than 10 times.

The majority of these victims (87 per cent) have seen losses of up to $125,000. A tinier portion of businesses have had losses that were north of $315m.

Most of the money is spent on direct losses, with the minority going on remediation and repair costs, as well as costs related to dealing with the attack and restoring damaged reputation.

Simon Lancaster, CEO of SJL Insurance, said the survey discovered ‘alarming trends’, both in the spread of cybersecurity incidents, as well as how few organisations were actually adequately protected.

“We are keen to educate companies about how they can protect themselves against this emerging threat, in the same way as they do against traditional losses such as fire and theft,” he said.