Lloyd’s of London, one of the largest insurance markets in the world, has experienced rapid growth in the demand for insurance against cyber attacks. The CEO recently stated that “Cyber risk poses the most serious threat to businesses and national economies, and it’s an issue that’s not going to go away.”
Lloyd’s has experienced a 50% increase in insurance submissions during the first three months of the year, when compared to the same period in 2014. They have also experienced a significant rise in first time purchasers.
Cyber attacks on business are the driving force behind the rapid rise in the insurance market. Sony pictures was rocked by a significant cyber attack last year that saw the leaking of sensitive internal emails and the suspension of a film release.
A recent PWC report has noted that Bank executives have put cyber attacks as one of their biggest concerns.