Sales of Cyber insurance policies grow by 400% after ransomware attacks- soon to be as common as fire insurance!

11 July 2017 Internet, IT & e-Discovery Blog Blog
Authors: Peter Vogel

Reuters reported that Danish insurance company Tryg issued a second quarter report that it “sold 2,800 cyber insurance policies in the quarter, up from 700 between January and March.”   The July 11, 2017 report entitled “Tryg sees rapid rise in cyber insurance sales after Wannacry” included this comment from Tryg chief executive Morten Hubbe:

We think that for both big and small businesses it will become just as normal to have a cyber insurance as it is to have a fire insurance.

Reuters also include these observations:

The rapid rise in demand was prompted by the ransomware attack, named “Wannacry”, that infected more than 300,000 computers in May and last month’s global cyber attack that hit across Russia, Ukraine and multinational firms.

Do you have cyber insurance yet?  If not, why not?

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