Despite high profile hacks, ransomware attacks and plenty of news coverage, the market for cyber-insurance has been slow to pick up, according to an official of major insurer
Allianz.
Axel Theis, the Allianz board member responsible for global property and casualty insurance, said in a wire report that the European cyber insurance market is pegged at around 200 million euros, with the company getting a quarter slice of the pie.
“I had thought that this market would grow more quickly and more aggressively than it has,” Theis said in a Reuters report. “But now it is picking up.”
The report further explained that the recent global “WannaCry” ransomware attack brought to light the risks that come with digitizing business operations across the globe, although a typical cyber insurance policy now provides protections, such as covering investigation, and even ransom costs for companies.
“In the coming years the market could easily grow worldwide to 20, 30 or even 40 billion euros,” Theis emphasized.
“The more customers we have, the greater the coverage levels we can offer,” he concluded.
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