Apricorn, a leading manufacturer of software-free, 256-bit AES XTS hardware-encrypted USB drives, has announced new findings from its annual survey and Freedom of Information (FoI) requests, revealing a concerning disregard for cyber insurance across both public and private sectors. Despite the escalating risks of ransomware, phishing and insider threats, many organisations, including government entities, remain unprepared for cyber incidents, with inadequate backup strategies and a lack of cyber insurance coverage.
Cyber insurance offers a vital layer of protection in the wake of a breach, yet there is a persistent lack of understanding and investment, particularly in the public sector. In a series of Freedom of Information requests made to local councils and government departments across the UK, only two out of the 41 local councils questioned had a cyber insurance policy in place. Flintshire County Council which adopted its policy in October 2022 and London Councils, whose policy covers the period 2021 to 2024.
Additionally, only two others – Ards and North Down Borough Council and Greater Manchester Combined Authority (GMCA) – mentioned plans to invest in such policies within the next year. This leaves the vast majority of local authorities without sufficient cyber coverage, despite the high stakes.
Shockingly, a significant number of government bodies have either declined to answer, confirmed that they have no cyber insurance, or indicated that they do not intend to invest in cyber insurance in the near future.