UK Cyber Insurance 2017

Published: March 2017
No. of Pages: 44
    ReportsandReports

UK Cyber Insurance 2017

Summary

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. Cyber Insurance is still developing its place within commercial insurance portfolios.

Businesses should be focusing on improving their cyber security, aiming to prevent breaches to protect customer data. While cyber insurance itself cannot prevent breaches, it has become an important tool in helping organizations recover from attacks and mitigate the impact on business continuity in all aspects of trade and reputation. Providers should promote cyber security, as increasing claims frequency and severity would put pressure on market profitability.

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 (ONS). 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 increasing. In the UK it rose by 14.5% from $3.45m to $3.95m from 2014 to 2016 according to the Ponemon Institute.

The report “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. The 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.

Companies mentioned in this report: AIG, Zurich, Aviva, Hiscox

Scope

- 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.

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.

Published By: GlobalData
Product Code: GlobalData38478


Did you find what you are/were looking for ? If not, read below and browse through other relevant pages for similar market research reports OR get in touch with us through the form/contact info in your right navigation panel and well share relevant market report titles for you to explore.

Related Reports:

  • Global Life Insurance Policy Administration Systems Market Size, Status and Forecast 2025

    This report studies the global Life Insurance Policy Administration Systems market, analyzes and researches the Life Insurance Policy Administration Systems development status and forecast in United States, EU, Japan, China, India and Southeast Asia....

  • United States Cards and Payments Market Report 2018

    In this report, the United States Cards and Payments market is valued at USD XX million in 2017 and is expected to reach USD XX million by the end of 2025, growing at a CAGR of XX% between 2017 and 2025. Geographically, this report splits the Unit...

  • United States Payment Smart Card Market Report 2018

    In this report, the United States Payment Smart Card market is valued at USD XX million in 2017 and is expected to reach USD XX million by the end of 2025, growing at a CAGR of XX% between 2017 and 2025. Geographically, this report splits the Unit...

  • UK Consumer Credit 2017: Forecasts and Future Opportunities

    UK Consumer Credit 2017: Forecasts and Future Opportunities Summary "UK Consumer Credit 2017: Forecasts and Future Opportunities", report offers five-year gross lending forecasts for all major lines of consumer credit up to 2021, along with a d...

  • Payments Landscape in Slovakia: Opportunities and Risks to 2021

    Payments Landscape in Slovakia: Opportunities and Risks to 2021 Summary GlobalData’s "Payments Landscape in Slovakia: Opportunities and Risks to 2021", report provides detailed analysis of market trends in the Slovakian cards and payments indu...

  • Global ATM Machine Market Professional Survey Report 2018

    This report studies ATM Machine in Global market, especially in North America, China, Europe, Southeast Asia, Japan and India, with production, revenue, consumption, import and export in these regions, from 2013 to 2018, and forecast to 2025. This...

  • Global Triennial OTC Derivatives Market Size, Status and Forecast 2025

    This report studies the global Triennial OTC Derivatives market, analyzes and researches the Triennial OTC Derivatives development status and forecast in United States, EU, Japan, China, India and Southeast Asia. This report focuses on the top player...

  • Global E-commerce Payment Market Size, Status and Forecast 2025

    This report studies the global E-commerce Payment market, analyzes and researches the E-commerce Payment development status and forecast in United States, EU, Japan, China, India and Southeast Asia. This report focuses on the top players in global ma...

  • UK Insurance Aggregators 2018

    UK Insurance Aggregators 2018 Summary "UK Insurance Aggregators 2018", report explores consumer purchasing behavior through price comparison sites and how it is changing. It discovers what is most influential to customers when selecting a polic...

  • The Future of Bermuda Real Estate and Rental Markets to 2025

    Bermuda Real Estate and Rental of USD XX million in 2017 is expected to increase to USD XX million by 2022, at a CAGR of XX%. Driven by surge in market conditions and technological advancements, the Real Estate and Rental has witnessed strong growth ...


Why ReportsnReports.com?

  • 500,000 market research reports and growing.
  • Top Fortune 500 Organizations trust us for research data.
  • 24/7 support on call as well as emails.
  • Your Details are safe with us.
  • Free support for your research requirements.
  • Report Delivery: Email
  • Delivery Time:
    • Upto 24 hrs - working days
    • Upto 48 hrs max - weekends and public holidays

Research Support / Custom Research

If this business study does not have the data and information analysis you need, contact us with your research requirements. We explore available market research reports to map your needs and share report titles with you. Alternatively, we can also offer custom research that suits your budget and timelines. Share your information requirements here.
Connect With Us
Email: sales@reportsandreports.com Call : + 1 888 391 5441

Subscription Option

Using our subscription option, you get access to market research reports and industry data of Consumer Goods market as per your needs. Get the best of Consumer Goods research reports by utilizing your research budgets in an optimum way.

More about our Subscription option
Report Alerts

Get Email alerts about market research reports from industries and publishers of your interest: