Cyber-risk may not be a new problem for companies, but it’s certainly pushed its way to the top of boardroom and general counsel agendas in recent months. However, despite the frequency, scope and general awareness of cyber incidents across the globe, only 10 percent of organizations have invested in cyberinsurance, according to a new report from insurer Allianz Global Corporate & Specialty (AGCS).
The cyberinsurance market is currently estimated to be worth around $2 billion in premiums worldwide, with U.S. business accounting for approximately 90 percent. Fewer than 10 percent of companies purchase cyberinsurance today. However, the cyberinsurance market is expected to grow by double-digit figures year-on-year and could reach more than $20 billion in the next decade, the report said.
