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At the end of 2016, global premium volume in cyber insurance was thought to be in excess of US$ 4bn, with around 80% coming from the US. The other 20% was split between Europe and Asia, where the product is still catching up. Premium volume in Europe is expected to rise from US$ 300m in 2016 to US$ 900m in 2018 – a growth rate of 200% in two years.
Why this staggering increase?
Cyber threats are one of the biggest threats to companies and organisations in the 21st century. A website linked to cyber attacks on UK banks has recently been shut down following a UK and Netherlands led operation; in May last year the NHS was the victim of a large scale cyber attack; and in March last year the details of 43,000 holiday makers were put at risk of being accesssed after ABTA was hacked. Companies are becoming more and more exposed to the threat of cyber attacks. With traditional commercial general liability insrance policies, in the main, not covering internet-based risks and general IT infrastructure risks cyber insurance policies are on the increase. In the London market alone there are now 15 policies whereas two years ago there were only 6. The number of policies is only likely to increase.
What do cyber insurance policies cover?
Cyber insurance policies cover things such as: