Demand for cyber insurance grows as volatility scares off some providers
There’s at least one part of the financial sector where hackers are good for business. Direct cyber insurance premiums grew to $2 billion last year, up 26 percent since 2015, according to figures published July 25 by Moody’s Investors Service. That figure represents less than 1 percent of premium insurance revenue in the U.S., but it’s clear the increasing claims over the past three years are driven largely by concerns about data breaches, distributed denial-of-service attacks and, perhaps most notably, ransomware. The problem, despite all the demand, is that some insurers are now re-thinking whether it’s in their best interest to keep offering the plans that help clients recover from devastating cyberattacks. Swiss Re Americas, a reinsurer that primarily backs governments and other insurance companies, is reluctant to embrace the cyber insurance market because of unpredictable, and expensive, attacks like the 2017 NotPetya incident, which the White House said caused $10 billion in […]
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