The Role of Cyber Insurance in Our Society Today Using UK Cyber-Attacks as Case Study

After a conclusive research carried out by the UK government, it released report urging the nation's businesses to better prepare themselves against cyber-attacks. The research report also stated that about 70% of these cyber-attacks involved the use of malware, spyware, or viruses. Just to prove that the government was fully committed to tackling this new crisis, the UK government has agreed to invest £1.9 billion into improving cyber security. The UK government has also said it would launch a new National Cyber Security Centre in the autumn of this year.

This call for businesses to better protect themselves was made when the research discovered that two-third of the nation's big businesses have fallen prey to one form of cyber breach or the other in the past year alone. These figures may seem alarming but it is a true indication of the rot cyber-attacks has caused in the UK alone. What then is this extra protection?

The answer lies in Cyber insurance and has been proven many a times to be the only line of defense again cyber-attacks. Cyber insurance works in the same principle as other general insurance but it deals more with electronic loses. According to professionals at Greater National Group, only Cyber insurance can be able to cover data loses of any kind. Taking a cue from the UK government's advice to its businesses, every business owner out there needs to be proactive in a society like the one we have today.