As preeminent global insurance hub, London will ensure cyber resilience needed for recovery

Cyber insurance has been identified as a key growth market for London, as the City and the UK emerge from the pandemic.

A report published today by the City of London Corporation and Accenture stresses the role of cyber resilience in the country’s post-pandemic, digital life.

The Future of Cyber Insurance – Next Steps for the London Market report confirms the rising cost of cyber security. Approximately 69% of business leaders polled said that staying ahead of attackers is a constant battle and the costs are unsustainable.

The report outlines how London’s cyber security ecosystem and insurance industry can collaborate to achieve this and the benefits it will have for the broader UK economy. London, it maintains, is positioned to meet growing demand for cyber insurance and remain the preeminent global hub. Key challenges and opportunities for the market include:

• ensuring the UK takes a lead in setting standards that underpin cyber insurance products and sharing data to help shape the global cyber insurance market;
• increasing engagement and outreach to emerging cyber insurance markets to articulate the benefits of placing business in London; and
• supporting the cyber resilience of UK PLC as domestic demand for cyber insurance grows.

Policy chair at the City of London Corporation, Catherine McGuinness said London is already a world leader in both the insurance and cyber security sectors, so it is only natural for it to take a leading role in the cyber insurance space.

“The City of London has an important part to play in supporting the capital’s re-emergence from the pandemic. Promoting London as a global cyber insurance hub by convening a group of cross-industry stakeholders will be key to its success.

“Not only does it have the potential of bringing economic benefits to the UK economy, but it will also improve the cyber-resilience of UK businesses more broadly – ultimately helping to keep us all more cyber secure.”

The National Cyber Security Centre recently published data covering September 2019 to August 2020 showing a 10% increase in cyber incidents with 194 identified as COVID-related.

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