LONDON - TelAve -- In the case of the recent M&S cyber incident, only £100 million of cyber insurance coverage was in place, which was far short of the £300 million in damages incurred, leaving the retail giant significantly underinsured.

As more retailers shift operations online and rely heavily on third-party platforms, the financial impact of operational downtime triggered by incidents compromising personal data can be severe and far-reaching.

Clear Insurance Management is urging retail companies to assess their ability to respond to cyber attacks and ensure that thorough risk assessments are in place.

David Channing, Senior Cyber and Tech Broker at Clear Insurance Management, explains, "The M&S cyberattack demonstrates that a well-coordinated cyber event can bring even the most established retailers to a standstill. Smaller retailers, often with fewer resources and less robust security, are even more exposed.

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Cyber insurance is not just about transferring risk - it's about ensuring you have access to expertise, support, and financial protection needed to recover and continue trading when the worst happens."

In the M&S case, hackers gained access not directly through the retailer but via a third-party payroll provider using a widely adopted file transfer tool that contained a known vulnerability. For retailers, this raises a serious concern – you can have strong internal systems, but still be exposed through your supply chain.

"Supply chain vulnerabilities are a growing concern. As the M&S incident shows, cybercriminals may exploit third-party relationships or internal service desk processes to gain access and move laterally within networks. Even with strong internal controls, retailers remain exposed if their partners and suppliers are not equally vigilant.

Comprehensive cyber insurance should account for the reality of today's risks, providing coverage for incidents that originate not only within your own systems, but also the vulnerabilities of your supply chain."

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Beyond financial protection, policies frequently come with access to specialists who can guide businesses through the aftermath of a breach. For a retailer facing public scrutiny, media attention, and operational downtime, this support can be just as valuable as the cover itself.

About Clear Insurance

Clear Insurance Management (https://clearinsurancemanagement.com/business-covers/cyber-liability-insurance/) specialises in providing tailored insurance solutions, including cyber liability, while upholding the highest professional and ethical standards.

They are a Chartered Insurance Broker, and their affiliation with Lloyd's further enhances their ability to offer specialised insurance products and guidance.