Dallas, Texas (PRWEB) September 16, 2013
Cyber liability insurance is a newly-established category in the UK, estimated by the industry to represent GBP3-4 million, or just 0.01% of the country’s non-life gross written premiums. A large potential market exists, with an estimated 4.8 million private businesses in the UK. Developments in the use of information technology for business have raised the issue of liability in cyberspace. Firms collect, manage and store data electronically, social media interaction has increased and portable computing devices are growing in popularity. This technological evolution increases exposure to cyber threats such as hacking, extortion, data leaks and business downtime. A number of high-profile data leaks during 2011 and 2012 highlighted the costs involved when personal data is exposed; the monetary costs of launching an investigation and compensation payouts, as well as costs which are more difficult for underwriters to quantify, such as damage to reputation all have to be taken into consideration. Industry surveys suggest that firms are unaware of cyber liability products. It is likely that managers believe these intangible risks are covered by their existing commercial liability insurance policies, but traditional policies do not tend to address issues related to the internet or electronic data.
This report provides a comprehensive analysis of the cyber liability insurance market in the UK.
It provides historical values for the UK’s cyber liability insurance market for the report’s 2008-2012 review period and forecast figures for the 2012-2017 forecast periods.
It analyses the key features of cyber liability insurance products.
It provides an overview of claims, market dynamics and market drivers.
It discusses various distribution channels for cyber liability insurance products in the UK.
It profiles top cyber liability insurance companies in the UK and outlines the key regulatory changes affecting them.
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