It is worrying to read that data thefts from financial services companies jumped nearly 25 per cent last year, with Insurers experiencing the biggest increase in data breaches across the sector.

Not only is it time to offer better and more comprehensive cover (with clear wording as to what is and isn't covered), but also to provide support in a much more comprehensive way, both pre- and post-cyber incident.  An example of this is our work, in collaboration with Zurich, to help organisations mitigate risks around cyber-attacks. This provides the necessary investments up front, in advance of any potential attack and further mitigates the risk to the insurance provider.

For now, and given the outcomes of this research, it's time for us as an industry to take our own advice here.