Despite cyber threat, world is under-insured

LOSSES from cyber attacks loom large for businesses and governments, but the world is under-insured against the threat, says Lloyd's of London chief executive John Neal.

"I think there are only two types of insurance that company boards discuss - directors and officers' insurance and cyber. Yet very little cyber cover is bought... Outside the US, almost no cover is bought despite all the threat and data."

Mr Neal was in Singapore briefly last week, when a report on cyber risk scenarios for ports in Asia-Pacific was released. The report, Shen attack: Cyber risk in Asia Pacific ports was produced by the University of Cambridge Centre for Risk Studies on behalf of the Cyber Risk Management (CyRiM) project, in partnership with Lloyd's.