Cyber Insurance Sticker Shock: UK Retailers Face Premium Hikes Amid Rising Cyberattacks
As cyberattacks on UK retailers increase, insurers are rethinking cyber insurance. With high-profile breaches at Harrods and Marks and Spencer, underwriters are hiking premiums or reconsidering policies altogether. For retailers, cyber insurance is becoming less a choice and more a necessity, even if it means paying more to keep hackers at bay.
Hot Take:
Who knew shopping for cyber insurance would soon rival the stress of holiday shopping? As cyberattacks turn retailers into digital punching bags, insurers are sharpening their pencils and preparing to write some seriously pricey policies. It’s like Black Friday, but instead of deals, it’s just steals—of your data, that is.
Key Points:
- Cyberattacks on UK retailers are increasing, prompting insurers to rethink policies.
- Retailers like Harrods and Marks and Spencer have been recent targets.
- Insurers may raise premiums by 10% or more, or even reject coverage.
- Cyber insurance is becoming essential for UK retailers to mitigate financial risks.
- Strong cybersecurity measures can help lower insurance premiums.
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