Over the past few decades the internet has enabled extraordinary innovation to take place, creating new business models, giving rise to world-changing companies and generating millions of jobs.
But this progress has come at a cost. By their nature, digital systems are susceptible to cyber-attacks by malicious individuals or groups with increasingly serious repercussions for businesses around the world. The nature of the threat is evolving so fast that it is becoming more and more difficult for organisations to counter it.
While it is not possible to be 100% secure from a cyber-attack, there are a number of measures companies can take to reduce the risk of it happening, and to ensure they minimise the consequences and recover more quickly should a breach occur.
Insurance is part of this solution. Lloyd’s specialist cyber underwriters work with thousands of companies, from multinationals to SMEs, across the world every day to understand their risks better and to provide them with the expert advice and insurance cover they need.
This Lloyd’s report, produced in association with KPMG in the UK, international law firm DAC Beachcroft and Lloyd’s insurers, helps companies better understand the cyber threat.