Demands for anti-hacker insurance rise following recent cyber-attacks

Following the recent worldwide cyber-attack that has affected more than 200,000 people, insurance companies are selling anti-hacker insurance. The companies believe this domain to be one of their most promising markets.
Photo Credit: Reuters/Channel 2 News

In today’s world, cyber-attacks threaten companies financially and even present a risk for corporate embarrassment and legal action. As a result, several insurance companies have decided to take this opportunity and enter into the world of cyber-crime insurance, a market worth $10 billion.

According to Bloomberg, high-profile computer breaches such as the cyber-attack of the Democratic National Committee have proven that protection against cyber threats are necessary, so companies such as Allianz SE and Beazley Plc are taking the lead.

“We are optimistic that it can develop into Allianz’s and the industry’s next blockbuster,” Chief Underwriting Officer for corporate lines at Allianz Hartmut Mai stated during an interview. “Cyber insurance is our key growth area at the moment.”



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