Alexandra Foster, head of insurance and strategy, global banking and financial markets, BT, explains why cyber is a huge opportunity.
The problem of cyber crime is ubiquitous and the need to build resilient defences is common to every organisation in any industry. Insurance brokers are no more or less vulnerable than any other sector. However, what differentiates the insurance industry as a whole is that the growth of cyber crime is a commercial opportunity.
It’s fair to say that cyber attacks are growing in intensity, frequency and scale. And thanks to a stream of high profile stories about hacking and data loss at some of the world’s biggest organisations, business leaders increasingly understand that the threat of cyber crime is real and here to stay.
No surprise then that cyber security insurance is one of today’s fastest growing product lines for the industry. PwC says that the global cyber insurance market could grow to $5bn in annual premiums by 2018 and at least $7.5bn (£5.1bn) by the end of the decade. For the full article click here
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