BBC reports on ‘mad panic’ to pick up insurance

17/01/2018 07:37

Following high-profile cyberattacks such as Petya and WannaCry, it’s easy to see why companies are dashing to get their hands on either technological solutions or appropriate insurance. And with a new generation of ransomware attacks forecast to threaten corporate enterprises, turning a blind eye could be dangerous.

Citing a predictions piece by SecureData, BBC noted the “mad panic” going on but also highlighted the possible tendency for corporate complacency. SecureData described cyber insurance as becoming “big business” as companies secure policies in what chief security strategy officer Charl van der Walt called “an effort to plug the residual risk”.   

“The approach promises to remove uncertainty and angst from the issue of information security,” said van der Walt. “Unfortunately, this will mean that businesses of all sizes will seek out the minimum cyber security investment laid out by insurers, government, and regulators, rather than going above and beyond to protect their own, and their customers’ data.”

According to the BBC, the number of providers offering cyber cover via Lloyd’s of London now stands at over 70. It also cited Allianz’s prediction: growth in global cyber insurance premiums from the current $3-4 billion to $20 billion by 2025.

“In 2018, the largest growth area in the cyber insurance market will be mid-market adoption of standalone policies,” said At-Bay chief executive and co-founder Rotem Iram. “Due to the recent proliferation of cyber threats, business interruption coverage is becoming increasingly important for mid-sized businesses to large enterprises.”

 

Read more...