Lloyd’s Survey Reveals Lack of E-Commerce Coverage

June 8, 2000

A Lloyd’s study based on a survey at the recent annual conference of the Association of Risk Managers in Birmingham England, has revealed that 75 percent of the companies surveyed had no coverage against damages caused by computer viruses and hackers.

According to a report by Reuters, Lloyd’s talked with 161 business risk mangers at the conference, and determined that over half of them had been affected by computer viruses and 12 percent had had problems with hackers breaking into their information technology systems

One in ten respondents indicated that the damages they’d suffered as a result were between £100,000 and £500,000 ($152,000 and $760,000) with a further majority indicating damages of a lesser amount.

A Lloyd’s spokesman indicated that “the London market has the capacity to provide 80-100 million pounds ($122-$152 million) of cover for a single cyber liability risk,” according to Reuters.

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