Jul 31, 2019
Insurers jump on the cyber bandwagon
Insurers expect the fines to focus the minds of companies that are worried about the costs of cyber attacks. "I'd expect more buyers on the back of the fines. It's a good advert for the market," says Andrew Horton, chief executive of Beazley which is one of the biggest cyber insurers. That's the risk that insurance companies may be unexpectedly on the hook for the costs of a cyber attack - not through standalone cyber policies, but through more conventional policies. The uncertainty over whether traditional policies will cover cyber incidents could lead to higher demand for standalone cyber insurance. The cyber insurers won't have it all their own way.
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