Business interruption will boost cyber growth


Business interruption will boost cyber growth

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Demand for business interruption cover from the manufacturing industry is likely to replace privacy-related issues as the main motivation to buy cyber coverage in the US, boosting growth of the segment and helping it to mature in Europe and Asia. Intelligent Insurer reports.

In the US, the most developed market for cyber insurance in the world, growth in the past decade has been driven by privacy issues, triggered by regulation forcing companies to report data breaches.

Businesses were facing significant costs when they had to figure out what happened when for example a laptop was lost, how many different states and regulators they had to notify, Robert Parisi, managing director and cyber product leader at Marsh says.

“Suddenly they had an incredible interest in looking for ways to take all the cost associated with the privacy breach off their balance sheet and back on to an insurance product,” Parisi explains.

Cyber, North America, Europe, Robert Parisi, Toby Merrill, PwC, Marsh, Property/Casualty, Kevin Kalinich, Regulation, Data Protection, Paul Bantick

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