More U.K. companies have cybersecurity insurance. But are they fully covered?

If you’re an in-house attorney based in the U.K., you might want to check your insurance policies. A recent survey by FICO shows that while more British companies have cybersecurity insurance, just over a third of their policies cover all risks. This might not be a prudent thing, given the kinds of exposure that can occur when sensitive customer data is leaked.

There’s both good news and bad in the survey. Only 10 percent of U.K. execs say their company has no cyber insurance. But 17 percent of telecom companies say that they don’t.  Only 38 percent said that their insurance policies cover all risks, and most of those surveyed at 500 companies said that their cyber insurance is not based on accurate information relating to potential risk.

“Although U.K. organizations perform well i9n terms of the uptake of cyber insurance, the fact that fewer than 40 percent have comprehensive insurance demonstrates that there is still some way to go for these firms to have a broad vi9ew of their securi9ty posture and how to present it for insurance,” said Maxine Holt, research director at Ovum, which conducted the survey.  “We sepia;d met detract from the positive news here; 90 percent of U.K. organizations hav elevated the importance of cybersecurity to a level that requires insuring, even if only partly”

More U.K. companies have cybersecurity insurance. But are they fully covered?

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