Cyber attack fears drives increase in insurance take-up

Fears over the increasing possibility of a cyber-attack has led to an increase in the number of firms taking out cyber insurance, according to a study by Marsh.

The study has found that 83% of respondents said they had a basic or complete understanding of their company’s cyber exposure, compared to 61% last year.

Almost a third of businesses, 29% have also bought, or are in the process of buying, cyber attack insurance - up from 14% last year, City Am reports.

Marsh UK and Ireland chief executive Mark Weil said: “A lot of big firms are being attacked regularly, however the train has left the station and there are few company boards that now fail to recognise the risks.”