- What you need to know...
- With a number of high-profile cyberattacks occurring recently, both the awareness of threats and the demand for cyber insurance are increasing throughout the market.
- The development of cyber insurance products is still in its infancy, with products typically being designed for large corporations rather than SMEs.
- As a result, the next five years will see the cyber insurance market experience considerable growth, with providers looking to cater for the wider market.
With cyber threats ranging significantly in complexity, the insurance industry will undoubtedly look towards partnerships in order to gain detailed knowledge of both the risks their policies must cover and the responses they must undertake should their customers fall victim to a cyberattack.