Money or data stolen in a fifth of cyber cases

Birdsey said: "Cyber insurance is an increasingly common part of the cyber solution, which enables affected organisations to respond promptly and effectively to a cyber event. Amongst other benefits, cyber policies often provide the insured with access to a network of specialists, such as IT forensic, legal and PR experts, who can help them manage and respond effectively to cyber incidents when they occur."

"While businesses have legal obligations to provide for appropriate security of data and, in some cases where critical infrastructure is involved, to protect against infiltration of networks and systems, the sophistication of attacks makes some breaches inevitable. Regulators, such as the UK's data protection authority – the Information Commissioner's Office (ICO) – and sectoral authorities such as the Financial Conduct Authority (FCA) and Charity Commission, are paying ever-closer attention to cyber events. Organisations should be prepared for their cybersecurity measures, policies and practices to come under scrutiny in the event of a breach, including their cyber incident response plans," he said.