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Cyber insurance take-up soars as risk awareness grows

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In the USA cyber insurance purchases have doubled in the last 5 years following some high-profile disruptions from the Wannacry and NotPetya attacks according to a new Marsh report.

Last year 38% of their clients purchased cyber insurance cover up from just 19% in 2014 with a growing reliance on technology also raising concerns over potential disruption.

Health and Education are the largest purchasers of cyber coverage but the rates in hospitality and gaming have increased more than any other sector over the past three years.

Recent attacks show cyber threats have evolved to create business interruption and supply chain disruptions, as well as data breaches and theft, and more companies consider themselves at risk.

Insurers are refining their approach and are more carefully defining the boundaries of property, liability and cyber policies.

Marsh went on to state that property insurers, for example, are no longer willing to provide coverage for business interruption caused by network intrusions and that these losses are increasingly expected to be covered under cyber policies, which have expanded to respond to a wide variety of potential risks while still being competitively priced.

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