For example, according to data presented at the Zywave conference in London at the beginning of the year, the number of companies insured against cybersecurity risk is estimated at 20% in the US, 12% in Germany, and 10% in the UK.
That figure for US cyber insurance is larger because of the greater maturity of the market there, and the greater risk US companies face in class action lawsuits stemming from data breaches than their European counterparts, observers say.
“There has been much higher uptake of cyber insurance in the US than in Europe,” according to Claud Bilbao, UK regional vice president of sales and distribution at Cowbell Insurance. “This has been driven by a number of key factors, particularly differences in the approach to litigation and legal risk, the regulatory environment, internet awareness, and the maturity of the insurance market.”
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