Insuring against cyber crime vital for boards
Monday 2nd September 2013, 10:00AM BST.
CYBER crime and insuring against it should be an issue on the agenda of all company boards, an insurance expert has warned.
Tom Allen, pictured, a leader in data protection liability and head of the technology and data protection indemnity underwriting team at global operation Aspen Insurance, was speaking at a seminar hosted by Sapphire Underwriters, part of the Heritage Group.
Mr Allen warned of the anticipated tightening of regulations with the forthcoming introduction of a revised EU Directive, the General Data Protection Regulations.
He also cited figures from the Lloyd’s Risk Index 2013, which revealed that cyber security now sits squarely towards the top of the boardroom agendas, and is seen as the third-highest risk issue facing businesses compared to just 12th two years ago.