The intensity of cyber-crimes and the vulnerability of large firms all over the Europe can be understood by this finding that more than 2000 firms in the UK, Germany and many Scandinavian countries which is about 50 percent are not fully equipped or prepared to shield themselves against the cyber-attacks. Those companies that fall in the category of prepared or ready for any mishap are below that one third that is only 30 percent.
According to a report named as Hiscox Cyber Readiness Report 2017, it seems that large firms are going to lose larger amount of finances but the attacks are shown to be higher on smaller firms. According to the research network security budgets have also grown considerably in 2017.
The survey tells more about the building momentum of cyber insurance. More than 40 percent of companies have opted for the insurance to somewhat counter the risks of cyber security UK, as this is the highest figure recorded anywhere regarding virtual insurance only second to U.S where 55 percent of the firms have the virtual insurance. 64 percent of the expert companies in the U.S claim they are insured against the attacks on their networks.
26 percent of the firms have not bought network insurance nor they have any plans to buy it in the future and according to 41 percent of the firms say that insurance cover is no use for them. Among all the countries these figures are relevantly high in the United Kingdom and stand at 45 percent while 53 percent of the construction industry also hasn’t got any cover. You can make out of these large numbers that majority of firms in the United Kingdom are vulnerable to any kind of attacks, loss and theft.
About 17 percent of the firms which means 1 in every 6 who have no plans to get covered through insurance fully agree to the saying that virtual insurance policies have become so complex and intricate that they can’t come up with the idea that “what virtual insurance could do for them.”
The industries covered in the survey of Hiscox range from construction to technology and from financial services to healthcare. 33 % were from United Kingdom, the same percentage was from Germany and 34 % of the respondents were from United States which included 20 percent C-suite level executives, 27% directors, 40% managers and 12 percent of them were vice presidents.
According to the Hiscox report, UK firms are the most slow to react to anything like cyber security UK and they are more vulnerable to all kinds of attacks, viruses, malwares etc. which can take billions of pounds to catch up. According to 35 percent of the firms in the United Kingdom “they changed nothing after a threat or incident to their network.
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