Cybersecurity
Cyber Crime Fears Drive Up Demand for Anti-Hacker Insurance
- Market for cyber coverage may triple to $10 billion by 2020
- Risks and damages from hacker attacks fuel coverage demand
Who's Winning the Battle in Digital Warfare?
This article is for subscribers only.
For companies and organizations, an attack by hackers can inflict financial losses, corporate embarrassment and legal action. For insurers jumping into the brave new world of cyber crime insurance, it’s free marketing for what could be a $10 billion opportunity.
High-profile computer breaches like the hack of the Democratic National Committee and the Twitter Swastika Hack are reinforcing the need for protection against cyber threats, and companies such as Allianz SE and Beazley Plc are eager to step in. Insurers see coverage against hackers as one of their most promising markets, estimating that premiums will triple over the next four years.