Cyberattacks fuel demand for cover, but penetration remains low

A spate of cyberattacks on critical digital infrastructure and software vulnerabilities exposing millions of websites to hackers is bringing fresh attention to cyber insurance, a product many organisations consider critical but still treat as optional.

“We are witnessing a clear increase in the size of cyber insurance covers being sought by businesses, although the quantum varies significantly by industry, scale and risk profile,” says Ramit Goyal, Chief Distribution Officer, Generali Central Insurance.