This has impacted on the cyber and data insurance market and the public sector is experiencing the impact of these change. Local authorities, councils, higher education institutions, schools and NHS trusts have been the targets of cyber-attacks, particularly involving ransomware. The public sector can be targeted for many reasons, including a high volume of personal data and sensitive information, but also due to a perception that they have inferior security controls compared to commercial business and because reputational damage is a key issue for many public sector organisations.
Cyber insurance claims often involve several elements of a cyber and data insurance policy such as breach response, business interruption and data restoration. Our new report gives a cyber and data insurance market overview and a update on risk management standards.