From Equifax to Uber, 2017 was the year of the cyberattack. As such, many companies are beginning to wake up to the reality of cyber risk, but when it comes to the sophisticated tech community – widely considered to be top of the hitlist for hackers – how do you go about insuring them?
“When you look back at some of the high-profile cyberattacks that have taken place around the globe in the last couple of years, most of those are targeted at specialist technology companies,” Mark Crane, technology practice lead at Travelers Europe, told Insurance Business.
It looks as though many in the sector are up to speed when it comes to their risk profile, though – more than 65% of technology firms view cyber risks as the chief threat to their business, according to Travelers. When it comes to insurance, that higher level of understanding and experience of the issue means the bar is often set higher.
“The tech sector is looking for more of a risk management approach to cyber risk, not just a policy to pay out claims. It’s about coming up with preventative measures,” Crane said.
This month, Travelers…
