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