Commentary: As digital threats multiply, will cyber insurance take off?

NORTH CAROLINA: Cyberattacks cost the world more than natural disasters – US$3 trillion in 2015, a price that may climb to US$6 trillion annually by 2021 if present trends continue. 

But most people – and even most businesses – don’t have insurance to protect themselves against this rising threat.

Insurance against all kinds of risks – disease, disaster, legal liability and more – is extremely common. 

In the US, companies, families and even government agencies paid a combined US$2.7 trillion in insurance premiums in 2016 – and received payouts totalling US$1.5 trillion. But just US$2.5 billion – 0.09 per cent of the total spending – went to buy insurance against cyberattacks and hacking. 

Elsewhere in the world, there’s even less coverage. For instance, in 2017 the cyber insurance market in India was US$27.9 million, 0.04 per cent of the total insurance premiums paid in the country that year.

Cyberattacks have become increasingly

... read more at: https://www.channelnewsasia.com/news/commentary/insurance-coverage-for-cyberattacks-standard-for-every-home-10881980

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