Lloyds of London boss Inga Beale says that research they have conducted states that the cyber insurance market could double in the next three years. At the moment the cyber insurance market is estimated at about $3-3.5 billion, whereas by 2020, they believe this could easily go up to $6 billion.
What does this mean for businesses?
For businesses this is a real threat, and if they are not careful, they could be on the other hand of a cyber liability attack. There is a real threat out there and businesses need to aware of this and consequently take the right approach to allow them to have the best possible protection. This will ensure they don’t get caught by this ever growing concern.
How can businesses prepare for this?
Businesses need to act upon these statistics and research. By this, they need to have a well thought out strategy, they also need to ensure they have a policy which will protect them in case of any unfortunate attack. By this we would suggest your business invests in cyber liability insurance.
What is cyber liability insurance?
If your business holds customer’s personal data or you process card information from customers, then your company will need cyber liability insurance. No matter how big or small the data is which you hold, you will need insurance to protect you.
So if you think you need cyber liability insurance, get in contact with us for a competitive quote. Or take a look here for more information on cyber liability insurance.