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Companies find cyber cover not relevant; too complicated - Hiscox survey

Source: Asia Insurance Review | Apr 2017

A study of 3,000 companies in the UK, US and Germany by Hiscox revealed that some of the 26% of the survey sample which have not bought cyber insurance and do not plan to do so are of the opinion that cyber insurance is not relevant for them. Meanwhile, some say cyber insurance policies are so complicated, they do not understand what it would cover them for. 
 
   The Hiscox Cyber Readiness Report 2017 also revealed that 53% of businesses in the three countries are ill-prepared to deal with cyber attacks.
 
   “The insurance industry still has a job to do in instilling trust in its policies, delivering clarity over what they cover and simplifying the way they are written,” the report said.
 
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