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.
Insurers experienced the biggest increase in data breaches, with the number doubling last year. Financial advisers also saw a big jump. Banks performed far better, with the number of reported data breaches down 45 per cent. “There’s a lot more cyber crime out there, and the entities that aren’t ready for it are getting hit more,” said Philip Tansley, legal director at the RPC law firm that accessed the data from the ICO via a freedom of information request.