10/30/2024 | Press release | Distributed by Public on 10/30/2024 17:14
Insurance Europe has published an online publication today entitled "Insurers' Role in EU Cyber Resilience''. The publication outlines the crucial role the sector plays in enhancing cyber resilience, at a time when cyber threats are increasing in both frequency and severity.
It explains that the cyber insurance market is rapidly growing, driven by an ever-increasing number of cyberattacks. According to Munich Re, from 2019 to 2023 the global cyber insurance market was worth an estimated $5.9bn and grew to $14bn. Despite this growth, the publication notes that a significant cyber protection gap exists, with underinsurance remaining a critical issue for both businesses and individuals. The publication also shares case studies from across Europe, showcasing initiatives that aim to strengthen cyber resilience.
In addition to providing an overview of the cyber insurance landscape, the publication identifies five key challenges that complicate the quantification and assessment of cyber risks:
To address these issues, the publication sets out several policy recommendations for EU policymakers, which could support the insurance industry in strengthening cyber resilience across Europe:
Read the full online publication here