Insurers bank on data breach laws
Credit:
http://www.chartisinsurance.com/
Insurance providers have forecast a growing demand for cyber insurance products in Australia as the government moves to crack down on data breaches.
To date, cyber insurance products – covering breaches of privacy law, data loss and DDoS attacks – have attracted more than $500 million a year in premiums worldwide.
But 95 percent of the cyber insurance market is US-based, according to Ian Pollard, Asia Pacific vice president of insurer Chartis. Chartis last week launched its cyber insurance product in Australia after 10 years in the US, to address growing awareness of cyber security risks and what Pollard described as a “convergence of legislation around the world”.
