For example, according to data presented at the Zywave conference in London earlier this year, the number of companies insured against cybersecurity risk was estimated to be 20% in the US, 12% in Germany, and 10% in the UK.
That US cyber insurance figure is bigger because of the great maturity of the market there, as well as the greater risk US companies face from class-action lawsuits arising from data breaches than their European counterparts, observers say.
“There has been a much higher uptake of cyber insurance in the US than in Europe,” according to Claud Bilbao, UK regional vice president of sales and distribution at Cowbell Insurance. “This has been driven by a number of key factors, most notably the differences around approach to litigation and legal risk, the regulatory environment, cyber awareness, as well as insurance market maturity.”
