The number of companies purchasing cyber insurance continued to increase in 2019, driven by growing recognition of cyber threats as a critical business risk and appreciation for cyber insurance’s role in mitigating its economic impact.

Cyber attacks against UK companies present a daily threat to normal UK business operations and are increasing in severity. This report focuses on how insurance can help make UK companies more resilient to the cyber threat, and is the result of four months of co-operation between representatives of the UK Government and the insurance industry, led by the Cabinet Office and Marsh.

This is an in-depth study into organisations’ attitudes towards the cyber threat, the management control processes they have in place, and their understanding and use of cyber insurance as a means of risk transfer. The benchmarking data in this report was collected from risk professionals and CFOs from large and medium-sized corporations from across the UK. It is the hope that the aggregated information will provide useful benchmarking data and reference points against which the reader can compare their own company’s positions.

This is a unqiue report in that two leaders in two seperate industries collaborated out of the mutual concern regarding the state of cybersecurity in the global economy and the knowledge that cyber risk cannot be compartmentalized by industry, company,size, or simliar measures.