Cyber premiums as fire insurance of 21st century
Friday, 07 15 2016, Category: Technology, Country: World
The growing threat of hacking and a duty to protect data more stringently will accelerate demand for cyber insurance in Europe, insurer Allianz said on Wednesday, as it launched its first product aimed at Germany's small-to-medium-sized manufacturers.
Cyber insurance has been slow to take off in Europe with fewer than one in 10 firms having taken out a policy, said Christopher Lohmann, head of the region Central and Eastern Europe at Allianz Global Corporate & Speciality (SGCS).
"There are many reasons to believe that cyber insurance will evolve into the fire insurance of the 21st century," he said.