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25) What is the limit of your organisation's cyber insurance policy (in GBP)?

August 30, 2022
Cyber Insurance Limit

Please state the limit of the cover in GBP (if in another currency, please convert to GBP).

The terms and levels of cover of an organisational cyber insurance policy should be commensurate with current business risk assessments and advice from your insurance providers. The Clients you work with may also have requirements for the level of cover required.

According to the Hiscox Cyber Readiness Report 2019, the average figure for losses associated with all cyber incidents among organisations reporting attacks rose from £180,000 in the preceding year to £300,000 – an increase of 60%, with medium and large firms bearing a disproportionate amount of the cost.

How to implement the control

When purchasing cyber insurance make sure that you purchase a level of cover that is commensurate with the current business risk and advice from your insurance provider and broker.

If you have already purchased a cyber insurance policy, you can find out the level of cover provided by looking at your certificate of insurance.

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