Insurers need proactive cyber development
Wednesday, 06 07 2017, Category: Technology, Country: World
Speaking at Mexico’s AMIS Insurance Conference, Lloyd’s Inga Beale reiterated the urgency of getting aboard the cyber insurance market, which she said could triple in size to $7.5 billion by 2020.
“I don’t think that, as a sector, we are doing enough to promote the benefits of cyber insurance and make it accessible to businesses. Unless we get our act together, the opportunity could pass us by.
“This business won’t come to us – we have to go and find it, and we have to get better at explaining our value proposition,” Beale said.
It’s no secret that the cost of cybercrime incidents is set to shoot through the roof in coming years – statistics from one report – quoted by Beale in her speech, show cybercrime incidents will go from $3 trillion in early 2015 to a projected $6 trillion by 2021.