Data Loss Insurance Policies on the Rise
DATA PROTECTION—UKSeptember 16, 2010
Organizations are increasingly looking at insurance to augment their data security systems, according to a new survey, though UK companies do not plan to increase spending on such systems as quickly as other countries. The Global State of Information Security Survey by PricewaterhouseCoopers (PwC) polled more than 13,000 executives and information security professionals and found four out of 10 UK companies were taking out insurance policies to protect against damage caused by data loss, PC Pro reports. Of those UK companies with insurance already, 83 percent had successfully made a policy claim. Less than one third, however, plan to increase spending on security systems, compared with 52 percent globally. A PwC spokesman said that companies are increasingly turning to insurance due to "so many high-profile legal problems." Editor's note: Learn more about privacy liability coverage during the IAPP's September 23 Web conference, "Outsourcing Residual Risk: The Privacy Liability Insurance Option."