In the business world, “the customer is always right” often holds true, but a new study suggests that mid-market companies in the U.K. are far from satisfied with their cyber insurance options. Coalition’s recent survey offers valuable insights into the experiences and perceptions of these cyber insurance customers.
Conducted by Opinion Matters in February 2024, the UK Cyber Insurance survey included 500 senior cybersecurity professionals from mid-sized businesses across England, Scotland, and Wales. It found that 87.6% of respondents had experienced a cyber-attack, highlighting the urgent need for improved cybersecurity measures and insurance policies.
The study uncovered several key issues. Over 30% of respondents found the information requirements for cyber insurance challenging, while 25% criticized insurers for lacking cybersecurity expertise. Only 19% reported a positive experience with cyber insurance. Additionally, 43.4% of those surveyed indicated that their budgets were insufficient to protect against cyber threats adequately.
“Nice To Have”
Tom Draper, Coalition’s U.K. Head of Insurance, emphasized the need for the cyber insurance industry to better engage with clients. “Our results show that many IT departments currently see cyber insurance as more of a ‘nice to have’ and not as a key pillar in their cyber risk management strategy. The findings also suggest that businesses are underwhelmed with their options and experiences.”
Draper suggested that integrating IT security into the insurance conversation could enhance trust and demonstrate the value of cyber insurance. Coalition aims to address these gaps with its Active Cyber Insurance, which combines risk assessment, proactive protection, expert response, and comprehensive coverage. Coalition’s cyber risk management platform, Coalition Control®, offers threat intelligence, attack surface monitoring, and third-party risk monitoring. Additionally, Coalition provides valuable expertise in incident response and 24/7 security support.
Launched in the U.K. in September 2022, Coalition’s Active Cyber Insurance targets organizations with a turnover of £0–£1bn. The firm’s approach integrates risk management and insurance, helping businesses more effectively identify, mitigate, and respond to digital risks.
This UK Cyber Insurance study underscores the apparent need for a more client-centric approach in the U.K. cyber insurance market to better meet the needs of mid-market companies.
Source: Coalition Study Finds Mid-market Companies ‘Underwhelmed’ by U.K. Cyber Insurance Offerings.
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