Demand for Cyber Insurance is Crazily Booming
Demand for cyber-insurance among SMEs is rapidly booming – the global policy worth is approximately $2 billion currently, and is expected to continue climbing with double-digit figures each year and reach $20 billion by 2025 (AGCS, 2015).
The Government is pushing SMEs to get data protection from insurers.
US is leading the demand at present, contributing 90% of the total policy. The fact that US has been way ahead of other developed countries was not without cause: stringent requirements on personal data and the increasing threat from cyber-attacks have driven the market acceleration. The momentum has now shifted to the UK: the government published a report in early 2015 outlining her determination to increase cyber-insurance coverage on UK firms (UK Government & Marsh, 2015). Together with the prevalent hacking incidents on large corporates that lifted society’s conscious (e.g. HSBC and TalkTalk), the increasing demand for data protection among Internet-driven regions is obvious.
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