Soaring cyber premiums are contributing to cutbacks in other areas for UK businesses. This is among the conclusions drawn by insurance and risk consultant, Mactavish, whose latest survey reflects “inaccessibly high” cyber premiums at a time when businesses are at their “most fearful of a cyber attack”.
Over half of the large businesses that have prioritised cyber protection told Mactavish that rising policy costs have contributed to cutbacks to other parts of the business – from reducing office costs and staff bonuses to cutting other types of insurance, indicating a wider impact on the risk profile of UK businesses.
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