Why tech companies need specialist tech insurance covering cyber risks

When the UK first went into lockdown in response to the COVID-19 pandemic, businesses of every size were forced to move rapidly to adopt remote working tools and, a year later, these provisions are still in place. In the early months of lockdown, the cyber threats and exposures of businesses, particularly those in the tech sector, was a well-documented concern but recent research has revealed that this remains a pressing issue some 12 months into the crisis.

A report recently conducted by the Ponemon Institute found that while over two thirds (69%) of UK technology companies suffered a cyber attack last year, 59% of IT and technology firms in the tech sector say they have insufficient budgets to cover their cyber security needs. Such statistics are a timely reminder of the crucial role that specialist technology insurance which covers cyber risks plays in the business continuity of tech companies, according to Markel UK’s technical line manager Simon Webster.

t was Markel UK’s recognition of the future of tech insurance and its deep sector knowledge that led to its creation of MarkelTech, a bespoke sector proposition that has been designed for companies that innovate, design, develop, manufacture, supply or support technology products, or services. MarkelTech’s specialist insurance package is designed for a range of businesses from start-ups to emerging and SME companies and includes 12 specialist section of cover, including cyber.

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MarkelTech is here to help technology companies navigate their commercial challenges, enabling them to focus on growing their business.
To discover more about the MarkelTech proposition, download Markel UK’s tech business lifecycle eBook.