Cyber insurance
IFSEC Global
Whilst GDPR has put the spotlight on data privacy and cyber issues, there are other more prominent trends which are driving a greater take-up of cyber insurance, says Ben Maidment, Class Underwriter – Cyber, Physical & Technology at Brit Insurance.
Many in the insurance industry, myself included, expected the introduction of GDPR in May 2018 to drive a boom in demand for cyber insurance products in the UK and Europe, as data protection and privacy became a board-level conversation for companies both big and small. However, whilst it has contributed to the growth of the cyber insurance market, we have seen other significant trends contribute to the real uptick in demand – namely, the exponential rise in size, frequency and sophistication of ransomware attacks and increased understanding of “silent cyber” risks.
GDPR: Cyber security in the spotlight
Data privacy legislation and regulation implemented in the US in the mid-2000s drove demand for cyber insurance in the North American market, as businesses looked to protect their digital assets. We expected much the same trends to translate to Europe with the introduction of GDPR, with the…
