Sales up 30% on 2012 levels, US insurer says

AIG’s cyber insurance sales jumped 30% in 2013 compared with their level in 2012, the Financial Times reports.

The paper quotes AIG’s global head of professional liability Tracie Grella as saying that the insurer has experienced “significant growth” in sales.

The awareness of the dangers of cyber attacks is growing, prompted by news such as US retailer Target’s recent security breach.

However, Grella noted that higher awareness does not always translate into sales, meaning many firms are still inadequately protected.

She told the FT: “Just because they are talking about it doesn’t mean they buy it.

“Companies are under-insured and there is lots of growth potential.”