PwC comment: cyber insurance

Published at 14:44 PM on 24 April 2014


Commenting on the news that AIG is offering a
policy to compensate companies for cyber crime, Daljitt Barn, PwC cyber security
director and former chairman of the Cyber Risk & Insurance Forum, said:


"This cover for 'cyber injury' is the
first of its kind but London market insurers have been considering for a while
how an intangible loss could have a catastrophic impact, resulting in disruption
to business and harm to employees. This is a great step towards a better
understanding of cyber exposure across a business at large and the tailoring of
an insurance service to meet business growth plans. Think of it as cyber
insurance meets casualty and D&O head on.


"Cyber insurance is the fastest-growing specialty line of insurance
ever and is worth around $1.3bn per annum in the US and anywhere between
£50-130m in the EU. With the growing awareness on business to protect critical
national infrastructures from cyber threats, we will see more clear and concise
cyber policy wording over the next 12 months."


ENDS


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