For instance, in line with knowledge offered on the Zywave convention in London earlier this 12 months, the variety of firms insured towards cybersecurity danger was estimated to be 20% within the US, 12% in Germany, and 10% within the UK.
That US cyber insurance coverage determine is greater due to the good maturity of the market there, in addition to the larger danger US firms face from class-action lawsuits arising from knowledge breaches than their European counterparts, observers say.
“There was a a lot increased uptake of cyber insurance coverage within the US than in Europe,” in line with Claud Bilbao, UK regional vice chairman of gross sales and distribution at Cowbell Insurance coverage. “This has been pushed by a lot of key components, most notably the variations round method to litigation and authorized danger, the regulatory surroundings, cyber consciousness, in addition to insurance coverage market maturity.”
