Cyberinsurance may be a great opportunity for personal insurers as well

Insurers are preparing for a surge in demand for cyber cover in personal lines as the awareness of the risk grows in the population and cybercrime cases jump.

While traditional crime has been falling steadily in the past 20 years in the UK, cybercrime cases have shot up in recent years, surpassing the total number of cases of traditional crimes, according to data from the Office for National Statistics.

Ransomware attacks such as WannaCry which affected more than 200,000 organisations in 150 countries, stopping car factories, hospitals, shops and schools, could also affect private lines customers, said Tim Marshall, cyber underwriter at Munich Re during a June 13 presentation at Lloyd’s.

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By | 2017-06-22T07:56:22+00:00 June 22nd, 2017|Categories: News|Tags: , |0 Comments

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