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ARTICLE · 16 JUNE 2016

Cyber Attacks And Insurance: Prevention Better Than The Cure?

Clyde & Co
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Cyber insurance is a booming business, with global premiums increasing by USD 500m, to USD 2.5bn.

United KingdomInsurance
James Cooper
James Cooper
Helen Bourne
Helen Bourne
Rebecca Lowe
Rebecca Lowe
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Cyber insurance is a booming business, with global premiums increasing by USD 500m, to USD 2.5bn. It is estimated that the market will continue to grow, with premiums reaching USD 7.5bn by 2020.

However, cyber attacks are also on the increase: PwC estimates that 1 in 4 UK companies were attacked by cyber criminals in the past two years. Such attacks cause significant financial, business and reputational damage costing businesses USD 400bn annually.

There have been many high profile examples of the consequences of cyber attacks. The 2014 cyber attack on Sony by the "Guardians of Peace", filled column inches for several months, assisted by the stolen data containing unreleased films and film stars' salaries.

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