Date: Thursday, October 6th, 2022 by Michaela Hickson.
Global Insurance Law Connect (GILC) has launched its first ever ‘Cyber Insurance Report’, providing insights from 19 countries on their domestic cyber insurance market. The report provides details on the key changes to the global cyber insurance market and provides an outlook for the coming years. The report finds 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. While the increased demand 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.
Giorgio Grasso, Leader of GILC’s Cyber Special Interest Group and a Partner at BTG Legal, commented: “The cyber market is incredibly dynamic at the moment, and what jumps out from this report is that while individual markets face similar challenges, the international response has been very diverse. Globally there is much higher demand for cover, at the same time as more sophisticated, expensive attacks are becoming more common. Rules on data protection are changing all the time, vary from country to country, and have inevitably impacted insurers’ assessment of the risk of providing cover. In less mature markets, we also found that there is work to be done on educating companies about the risks that they face and the steps they can take to mitigate that.”
“The world will only continue to digitalise, and so cyber insurance will only become more prevalent and more important. As we conclude in the report, it has to potential to become as ubiquitous as public liability or professional indemnity insurance. That’s why it is so important for our clients that we as a network do all we can to share knowledge with each other, and build a holistic, global view of this vital market. We believe that this report shows our ever-growing expertise and the continued value of our network to our clients.”
To download the report, click here
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