General Insurance Article - Cyber crime is number one emerging risk for insurers

 Cyber crime is the number one emerging risk affecting the insurance market, says 24 Lockdown, consultant to the insurance sector.

 Cyber crime cost companies £241bn worldwide in the last 12 months, according to Norton’s Cybercrime Report 2011. The Cabinet Office & Detica issued a report last year indicating that £21bn of that total was specific to businesses within the UK. Online criminal activity is now the largest threat to 21st century enterprise and is the Number 1 emerging risk to business worldwide, says cyber risk consultancy 24 Lockdown.

 Last year, the ABI found that insurance fraud alone was costing the UK £2bn a year. 24 Lockdown is a UK based consultancy specialising in the provision of highest quality security services to the worldwide Insurance market. The company will present its bespoke cyber risk assessment capabilities at the upcoming Xchanging Conference on the 6th of November 2012. 

 Steve Bibby, Director of 24 Lockdown says:

 ‘Many companies are finding that increased regulatory pressure around transparency of corporate data is bringing a wave of new threats to corporate brand identity and is compromising cyber security. We have years of industry knowledge of the insurance market and understand that data privacy is paramount which is why we intend to showcase our specialised pre risk assessment and rapid response services to insurers at this year’s Xchanging conference. Please come and find our stand to see us on the day for an informal chat.’