Cyber News

Tue, 3 Jan 2017 Cyber Security Findings

London Expects Surge in Cyber Insurance

Cyber Insurance

The London insurance market is expecting a surge in cyber insurance policies in 2017, after witnessing a 50% increase in the previous year. In 2016, ransomware had accounted for 20% of all cyber insurance claims, indicating a growth in targeted extortion. The demand for cyber insurance will increase again when new EU data regulations, which outline companies’ responses to data breaches and fines, are implemented in 2018. However, the insurance market is continually struggling to model cyber risks due to a lack of data.

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