Friday, November 17, 2017

Ransomware attack spurs rise in cyber demand

Companies and governments are now looking for cyber insurance following last week’s WannaCry ransomware that affected 150 countries.

While the cost of the attack is expected to be not as expensive as may first feared, it creates a seminal moment in the development of the cyber insurance market, according to Rick Welsh, chief executive of insurance data analytics firm Sciemus.

Insurers have already started assessing the cost of the attack that hit more than 200,000 computers worldwide, and even if the cost has not been released yet, it has already triggered a big increase in cyber insurance demand.

The global cyber insurance market generates about US$3 billion-US$4 billion in premiums annually, but it could hit US$20 billion by 2025, according to Allianz.

JLT also revealed that demand is already increasing and the WannaCry attack could accelerate the industry’s growth further.

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