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.
18 Jul
Posted by Lucas Falkiner as Insurance Tips
Corporate risk managers report a serious and growing disconnect between themselves and their insurance brokers and carriers: At a time when U.S. companies are enhancing internal risk management capabilities and elevating risk management to a strategic priority, many brokers and carriers are responding to their own business pressures by becoming more bottom-line focused and transactional in the corporate insurance business, according to new research.
The consequences of this disconnect are clear: The corporate risk managers who participated in Greenwich Associates’ “2010 Large Corporate Insurance Study” expressed low satisfaction with the service they are receiving from virtually all U.S.