A leading figure at Chubb has warned the insurance industry to team up with governments, in preparation for a future increase in cyber crime.
A leading figure at Chubb has warned the insurance industry to team up with governments in preparation for a future increase in cyber crime.
Bill Barr, the vice president of loss Control Services at Chubb made the warning to delegates at the E-Crime Congress yesterday.
He said: "While U.K. cyber crime statistics have not been as extreme as in the United States, it appears that more bad news may be on the horizon."
"It's been reported that as many as two-thirds of U.K. businesses had at least one malicious incident last year, double the number in 2000.
"And while the average loss was £30,000, several businesses experienced a loss of more than £500,000."
He added that 90% of companies had already been the target of a cyber attack, with 80% suffering a financial loss.
The conference was used to urge the industry to work more with law enforcement officials, in a bid to shape the laws and regulations required to arrest cyber criminals.
