Lloyd's and HP report warns of growing cyber threat

A new Lloyd's and Hewlett Packard report has warned companies against the growing threat from cyber attacks on businesses.

The report, 'Managing digital risks: trends, issues and implications for business,' warns that companies will face more complex and damaging digital attacks as hackers hone their methods to steal from, disrupt and spy on businesses.

A Lloyd's spokesman said wany companies were unintentionally exposed to digital risks, believing their existing insurance policies will cover them, but that most traditional (property and commercial liability) policies focus on the tangible damage to physical property and do not cover the many new areas where digital risks lie.

Lloyd’s chairman Lord Levene, said: “A discussion of digital risks should be on the agenda of board meetings everywhere as cyber attacks become more frequent, more creative and more disruptive. Cybercrime is an international business aided by those countries without the legislative framework to tackle it. If we are serious about combating cybercrime, we need to increase international communication and collaboration between governments and businesses, and move towards uniform global regulation."