Days of Cyber Insurers Avoiding Costly Claims May Be Numbered
Saturday, 07 08 2017, Category: Technology, Country: World
Cyber crime insurers largely avoided costly claims from the recent attacks that hit business around the globe. The next global virus could change that.
“It’s exceptionally likely that we will see an event over the next months that will seriously affect insurers,” Graeme Newman, chief innovation officer at CFC Underwriting, said in an interview. “It would only need a combination of WannaCry’s wide reach and Petya’s destructive force to cost cyber insurers something like $2.5 billion, or a full year of gross premium income in the market.”
Source: Insurance Journal