Wannacry had boosted demand and nearly all major clients will have cybercrime cover by 2022
Denmnark’s largest insurer Tryg says 90% of corporate clients will buy cybercrime cover within five years.
Tryg says the threat from hackers and viruses to crucial IT systems is so great, all big clients will want cover, reports Reuters.
Tryg has sold 5,000 cybercime policies this year after a new product launched to restore data and systems in the event of a cyber attack.
“There are no corporate clients today that don’t have insurance on their buildings or cars, but I think that within a very few years, it will be just as evident that you should insure against cybercrime,” chief executive Morten Hubbe said.
Hube said Wannacry, the global ransomware which hooked into microsoft systems and demanded bitcoin payments, has boosted demand. By 2020 half of clients would have the cover and then it would take only a couple of years before it reached 90%.
Tryg’s cyber offering consists of an SME product and a corporate product that has 44% of the firm’s cyber premium.
We’ll be exploring the future of cyber insurance at our annual Cyber Insight conference on 7 November. A limited number of free delegate places are available for brokers with places for non-brokers available to purchase. See the full programme and register to attend at http://events.insurancetimes.co.uk/cyber-insight-2017/