Cybercrime pertains to any criminal activity executed through computers and the Internet. Many who engage in this activity have the goal of profiting from the stolen information. These threats are becoming increasingly rampant today. Oftentimes, the target of such malicious actions is big businesses. However, even small companies are prone to attacks.

According to reports, 81% of big UK businesses and 60% of small companies suffered from security breaches in the last year alone. As an initiative to help firms manage cyber risk, the government and Marsh, a leading UK insurance broker and risk advisor, announced partnerships between the government and insurance sector. This partnership aims to use cyber insurance as a tool to prevent cybercrime and establish the UK as a worldwide leader in mitigating cyber threats.

Impact of cybercrime on companies and the economy

It was further confirmed that cyber threats are becoming more sophisticated as companies continue to rely upon online channels of distribution. The economy faces billions in losses each year as a result of these threats. The call to action is targeted at insurance companies in order for them to simplify their offerings and help companies understand how they are protected against cyber-attacks.