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Demand for cyber insurance has potential to be greater than ever: study

Jul 06, 2020

Remote working is expected to drive the demand for cyber insurance

cyber insurance

Demand for cyber insurance has potential to be greater than ever: study. Source: pixabay.com

GlobalData has found that only 18.8% of SMEs in the UK held a standalone cyber insurance policy.

As SMEs account for over 90% of the total number of businesses in the country, there is significant potential to grow the market.

What is more, the fact of remote working among many businesses will create the possibility to accelerate this growth.

Social distancing measures have resulted in many businesses transitioning to a remote working approach, which has the potential to increase their exposure to cyber risks. There is an opportunity to increase the uptake of cyber insurance following the sudden growth in remote working and increased reliance on technology. However, there has also been a considerable increase in the risks faced by insurers, as employees’ systems are now spread out across more locations and networks with different security levels
 Daniel Pearce, GlobalData senior insurance analyst

In fact, grown cyber risks that the remote working brings will be a deterrent for new cyber insurance entrants.

We’ve reported that remote work has positively impacted productivity in terms of reducing costs of both employers and employees, lowering traffic and pollution level.

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