58% of UK customers not offered cyber insurance, study finds

Some 57% of respondents reported having had issues online, with 69% suffering from identity theft, 67% from leaks of personal data, 64% from ransomware attacks, and 64% from stalkerware attacks.

A new study from Avast, a security and privacy software company, revealed that 58% of UK consumers said none of their current insurance providers offer them cyber insurance despite “clear demand”.

According to the study, over half of Brits have suffered a cyber attack and 71% of respondents said they would take up products to protect their online security if it was bundled with cyber insurance.

Additionally, 78% of respondents would take up a product to protect privacy online if it was bundled with cyber insurance.

Meanwhile, business and consumer losses from fraud and cyber crime in the UK reportedly totalled almost £2.5bn since the start of 2020, according to the National Fraud Intelligence Bureau.

Avast said “there is a gap in the market” for insurance providers to “step up, and offer cyber protection policies as well as educating customers of insurance benefits” to prevent large payouts resulting from cybercrime.

The study also found that cyber protection and insurance together is “more appealing” than a standalone offering for UK consumers. 

Nick Viney, senior vice president and general manager at Avast, said: “People have never needed the internet more as the global Covid-19 pandemic radically shifted how much more people do online. 

“Part of our digital freedom online is the confidence in online safety and knowing that if something does happen there are steps that can be taken to account for loss through cyber security issues.”

He added: “The findings from this survey highlight a general call for insurance providers to educate customers on the benefits of cyber insurance and a huge commercial opportunity for insurance companies to capitalise on the increased demand for protection of personal data.”

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