IT security insurance prices to fall

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IT security insurance costs are set to drop as companies and insurers get a better grasp of the threats.

Insurance rates will fall as more companies sign up for cover plans and companies wise up to the risks, according to a Stephen Wares, manager of UK technology for insurer Hiscox.

He is reported to have said around five per cent of companies take out IT security insurance policies against hack and virus attacks, but that figure could rise in the future, pushing prices down.

Small to medium businesses are set to benefit most, while larger firms' costs are likely to remain the same.

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