Last year the National Crime Agency revealed that cyber crime had officially overtaken traditional crime in the UK. Where once it was masked bandits holding up bank tellers, we’re now seeing teenagers stealing cash from businesses from the comfort of their bedroom.
CFC’s own claims experience backs this up. We saw a 78% rise in cyber claims in 2016 with just over a third caused by simple phishing scams rather than sophisticated cyber crime.
Perhaps more importantly 90% of our claims by volume
Read the latest issue of Insurance Age here
- Insurance industry welcomes Ogden rate reform
- Pen Underwriting makes 11 redundant at Chelmsford office
- Lloyd’s slumps to £2bn loss for 2017
- Broker Network buys Knighthood Corporate Assurance Services
- Claimant lawyers hit out at government’s discount rate reform
- Discount rate reform unveiled by the government
- Trade credit insurer pay-outs at highest level since 2009