The number of computer system failures suffered by London Market insurers has fallen significantly in the last 12 months, according to a survey by the International Underwriting Association (IUA).
The IUA said only 53% of firms interviewed have had to cope with an unexpected outage of critical business systems over the past 12 months, compared to 73% answering the same question in 2005.
Results also showed that the number of firms operating a centralised global information security policy has increased from 68% to 75%.
Paul Skinner, chairman of the IUA's digital risk working party and senior ICT underwriting specialist at Chubb Insurance, Europe, said: “The companies that are implementing such measures are seeing clear benefits with fewer interruptions to the critical systems upon which business relies so heavily.”
