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.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]