For instance, in accordance with knowledge introduced on the Zywave convention in London earlier this yr, the variety of corporations insured towards cybersecurity danger was estimated to be 20% within the US, 12% in Germany, and 10% within the UK.
That US cyber insurance coverage determine is larger due to the nice maturity of the market there, in addition to the higher danger US corporations face from class-action lawsuits arising from data breaches than their European counterparts, observers say.
“There was a a lot greater uptake of cyber insurance coverage within the US than in Europe,” in accordance with Claud Bilbao, UK regional vice chairman of gross sales and distribution at Cowbell Insurance coverage. “This has been pushed by a variety of key components, most notably the variations round method to litigation and authorized danger, the regulatory atmosphere, cyber consciousness, in addition to insurance coverage market maturity.”
