Daily Insurance Industry News
Daily Insurance Industry News
Tuesday 14th of August 2018
June 23, 2011

Cyber crime underestimated by risk managers

by Richard Kilner

Story link: Cyber crime underestimated by risk managers

The costs of cyber crime are being underestimated by risk managers, according to Miller Insurance Services Limited.

Miller conducted a survey of risk managers at the AIRMIC conference, which revealed those surveyed thought loss of customer data the costliest form of cyber crime.

However, this costs just £1bn annually, whereas intellectual property theft costs the UK £9bn per annum and industrial espionage costs £7.6bn.

Risk managers also though organised crime and current employees to be the biggest risk, but current service providers were ranked lower, suggesting this could be an area for greater scrutiny when it comes to IT security.

Miller’s Kiran Nayee revealed that the UK loses over £21bn every year to cyber crime.

Earlier this month XL Insurance launched XL Eclipse, a new comprehensive cyber-risks solution designed for European businesses to help them withstand the financial and reputational damage of cyber crime.


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