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Low UK cyber uptake worries ABI

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Up to 89% of UK businesses have no dedicated cyber insurance cover, leaving them potentially exposed to huge financial losses in the event of an attack, the Association of British Insurers (ABI) says.

The cyber market wrote under £100 million ($179 million) in premiums, less than a 10th of the more than £1.1 billion ($1.97 billion) recorded in the country’s pet insurance segment.

“Cyber insurance is a valuable product,” James Dalton, ABI Director of General Insurance Policy, said.

“The [99%] claims acceptance rates speak for themselves and the additional support a business receives, beyond dealing with the pure financial losses is a key attribute of most cyber insurance policies, too often overlooked.”