Cyber insurance cover offers vital protection against a critical business risk. Below, we explain what it is, and how it can be used to support your business.
Why cyber security is important
Cyber risks continues to rank high among the potentially systemic risks that businesses could face. Half of businesses in the UK reported some form of cyber security breach in 2024. Meanwhile, the average cost of a breach was £17.970 for medium-to-large businesses.
Cyber criminals target businesses of all sizes, in all industries, and in all parts of the world. Just as organisations embrace new technologies, cyber criminals using artificial intelligence (AI) and other tools to commit increasingly sophisticated cyber-crimes. Complex supply chains and rising geopolitical tensions are increasing the likelihood of attacks. Ransomware as a service (Raas) is also reducing barriers to entry for threat actors looking to commit ransomware attacks.
