Half of all insurance professional would not gamble more than £1 on the security of their IT systems, according to a new survey.

At the same time, the study from global services group CMG shows, 67% of them believe that their

IT systems contain much company-sensitive data.

Although 20% of repondents said they spent between 10% and 20% of their IT budgets on security last year, the CMG results suggest that more investment is needed to safeguard systems from security attacks.

Yet, even after a spate of IT security breaches at several high-profile companies, esecurity is rated by only 5% of insurance professional as being their greatest IT priority.

Mike Woods, director at CMG Admiral, said companies that invested in esecurity stood a better chance of increasing online sales as customer confidence increased.