Soaring premiums for cybersecurity insurance are leaving businesses struggling to pay other bills, a key industry player has warned.
In a survey of 200 companies with a turnover above £10 million, Mactavish found that businesses were reducing office costs and staff bonuses and were cutting other types of insurance to meet the higher payments.
“It would be ignorant to disregard the turbulent landscape the business world is confronted with in the face of the longest hard market on record, with insurers pumping up premiums and creating long-lasting hard conditions for policyholders. However, corporates must ensure they are protected against potential risks.” [Bruce Hepburn, CEO of Mactavish]
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