Only one third of senior executives in UK organisations admit their company insurance currently covers them for a security breach and for the financial impact of data loss, despite the fact that 81 percent agree that it is ‘vital’ their organisation is insured against information security breaches. This is according to the Risk:Value report from NTT Security, which also reveals that 29 percent of firms have dedicated cybersecurity insurance in place.

The 2018 report, which looks at the attitudes of 1,800 global senior decision makers from non-IT functions to risks to the business and the value of information security, reveals that UK businesses would have to spend on average £1 million to recover from a breach.