The UK Government’s Cyber Security Breaches Survey found two thirds of large businesses experienced a cyber breach or attack in the past year, with 70% of incidents involving viruses, spyware or malware.

The most expensive breach recorded cost the company involved £3m, while the average cost of an attack on a large business was £36,500. 

Geoff Kinsella, chief operating officer and partner at Safeonline, a City of London-based Lloyd’s broker specialising in cyber risk, said “Businesses might be surprised how inexpensive a cyber policy is for the limit you can buy and the kind of support and infrastructure you get with it”.

Kinsella also says “a lot of people still think [a cyber attack] will never happen, but as we always say, it’s not a case of if a cyber-attack is going to happen, it probably already has and you don’t know about it “.

Read full article here. Source: Insurance Businss Online