According to the study conducted by the City of London Corporation and Accenture, London has been a hub for the growth of the cyber insurance market.
They initiated a report titled “The Future of Cyber Insurance – Next Steps for the London Market.” The report stated that cybercrimes are at their peak especially after the COVID-19 breakdown. They are the biggest risk to the world’s economy as modern technology is becoming normal in our daily life and environment.
Unfortunately, the cyber attackers have also used this deadly pandemic for their own sake and against many multinational organizations. The stats from the National Cyber Security Centre showed that from September 2019 to August 2020, there was a 10% increase in overall cyber incidents and 194 were related to COVID-19. We can clearly infer from the above stats that cybercrimes are really something to think about and the cybersecurity industry have to take serious actions against them.
Renowned businessmen say that they cannot afford the costs they had to pay to be resistant against cybercriminals. As per the report, most business pioneers and leaders are facing a constant rise in the costs of cybersecurity. More than 65% of these business leaders say that they can’t move one step ahead of cybercriminals as the costs are horrendous and they can’t afford it.
London is a great city to satisfy the developing need for cyber insurance and remain the pre-prominent worldwide center. Moreover, it also stated that how London’s cybersecurity environment and insurance industry can work together to accomplish this and the advantages it will have for the more extensive UK economy.
The report has also mentioned some key opportunities and challenges such as:
• Ensuring the UK takes a lead in setting principles with respect to cyber insurance items and sharing information to help shape the worldwide cyber market.
• Meet with cyber officials and contact with arising cyber insurance markets to accentuate the advantages of putting the business in London.
• Supporting the cyber flexibility of UK PLC in the midst of developing household interest for cyber insurance.
Catherine McGuinness who is Chairperson at the City of London Corporation, says that London is one of the leading cities in both the insurance and cybersecurity areas, so it is just normal for it to play a main role in the cyber insurance space. The City of London has a significant part to play in supporting the capital’s reappearance from the pandemic. Marketing London as a worldwide cyber insurance center point majority of cross-industry partners will be vital to its prosperity.
Moreover, she also stated that besides the financial advantages, boosting London’s status as a cyber insurance center will likewise improve the cyber flexibility of UK organizations more comprehensively.
In addition, the UK Minister of Investment says that London is a global leader in cyber insurance and assumes a pivotal part in boosting development in this area. From our energetic and competitive system of law offices and dynamic insurance network to our driving security firms, we will keep on supporting the UK’s cybersecurity environment to help UK organizations to create and develop.