Defence against hacking threats among fastest-growing insurance segments
Thursday 13 Jul 2017 Author: Steven Frazer

Fighting off hacking attacks like the recent WannaCry ransomware raid that shut down parts of the NHS is leading to a boom in cyber insurance.

Paul Bantick, who leads a specialist team at Lloyd’s of London underwriter Beazley (BEZ), reckons it is one of the industry’s fastest-growing segments, worth £500m of premiums income to 65 Lloyd’s syndicates.

Forecasts predict massive growth going forward, with global gross premiums of $2.5bn in 2015 expected to more than double by 2020 to $5.25bn.

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