Recent attacks on high profile targets such as Sony and JPMorgan have raised Cyber Security awareness in Europe. However, industry experts, believe that the continent is several years behind developments in the U.S. In the UK cyber liability insurance accounts for only 0.01% of non-life premiums.
Industry experts said the European market for cyber insurance, while growing, is still at an early stage and several years behind developments in the U.S. Sales of such contracts are still minuscule, despite rising awareness of the risks among customers. “There are only a small number of cyber insurance contracts we know of,” said Oliver Dobner, member of the executive board at insurance broker Marsh’s German operations. The limited number of buyers can choose between a range of vendors. Most major corporate insurance firms offer cyber coverage, according to Mr. Dobner. Among them are Zurich Insurance Group, Lloyd’s of London, Hiscox and HDI-Gerling. The sectors most affected by the rising hazards of cybercrime are financial services, manufacturing, power and utilities, and engineering, Allianz said in a report published last week.