Cyber cover growing strong
Source: Middle East Insurance Review | Nov 2022
International variations in the responses to increasing cyber risks and strong growth in demand for insurance covers for this risk have been highlighted in a new report published by Global Insurance Law Connect (GILC).
The first ever ‘Cyber Insurance: Global trends, insurance capacity and pricing’ report by GILC provided insights from 19 countries on their domestic cyber insurance market. It also provided details on the important changes to the global cyber insurance market and gives an outlook for the coming years.
The report found that the range of security vulnerabilities that cyber attackers are exploiting continues to amplify, as does the level of threat across all geographies and industries.
The report revealed that the level of possible impact on businesses from cyber criminals has become increasingly clear in recent years. These include not only threats to infrastructure, but also to the integrity, availability and confidentiality of the information we digitally capture, analyse and exchange.
The report expects that the challenges related to cyber risk will only get worse as attacks become more sophisticated and targeted.
While the increased demand for cyber insurance has led to growth of capacity in the market, the severity of attacks means that insurers are becoming warier about risks they are willing to insure. M