How do you choose cybersecurity insurance and what should you pay for it? This is a subject that very few people know anything about.
New research by PwC predicts that the global cyber-insurance market could expand to US$ 7.5bn (£4.8bn) in annual premiums by 2020. The report, “Insurance 2020 & beyond: Reaping the dividends of cyber-resilience”, suggests that insurers will discover more client concerns with the value of their current policies as boards become more aware of the requirement to protect against cyber-attacks. "If insurers continue to simply rely on tight blanket policy restrictions and conservative pricing strategies to cushion the uncertainty, they are at serious risk of missing this rare market opportunity to secure high margins in a soft market," said Paul Delbridge, an insurance partner at PwC.
