UK firms underestimating cyber attack vulnerability with smallest most at risk
Businesses in the UK and Ireland are five times more likely to be the target of a cyber attack than suffer flood damage and yet only 47% have dedicated cyber cover, according to research from Pen Underwriting.
Pen surveyed 300 business insurance decision-makers from different sized firms across the UK and Ireland with the results suggesting firms are underestimating their vulnerability to cyber-attack as well as the severity of potential commercial consequences. The research revealed firms are also over-estimating their cyber resilience.
Some 90% believed they are protected against potential cyber attacks, and 81% were confident they could recover quickly in the event of one.
Our concern that businesses
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