UK retailers are likely to face steeper rises for their cyber insurance after damaging attacks on Marks and Spencer, Harrods and the Co-op, adding further pain to a sector that is already seeing premiums rise.
Retailers could face 10 per cent rate increases following the recent hacking incidents, according to Dan Leahy, head of cyber at broker BMS.
“We expect this will drive underwriters to increase scrutiny on cyber security controls, raise rates and, for some insurers, reconsider whether to write cyber insurance for retail business,” Leahy said.
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