IT - Compliance

Whilst GDPR has put the spotlight on data privacy and cyber issues, there are other more prominent trends that are driving a greater take-up of cyber insurance, says Ben Maidment, Class Underwriter - Cyber, Physical & Technology at Brit Insurance

"Many in the insurance industry, myself included, expected the introduction of GDPR in May 2018 to drive a boom in demand for cyber insurance products in the UK and Europe, as data protection and privacy became a board-level conversation for companies both big and small. However, whilst it has contributed to the growth of the cyber insurance market, we have seen other significant trends contribute to the real uptick in demand - namely, the exponential rise in size, frequency and sophistication of ransomware attacks and increased understanding of 'silent cyber' risks..."

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