For companies and organizations, an attack by hackers can meanfinancial losses, corporate embarrassment and legal action. Forinsurers jumping into the brave new world of cybercrime insurance,it's free marketing for what could be a $10 billionopportunity.

High-profile computer breaches like the hack of theDemocratic National Committee and the Twitter swastika hack arereinforcing the need for protection against cyberthreats, andcompanies such as Allianz and Beazley are eager to step in.Insurers see coverage against hackers as one of their mostpromising market and estimate that premiums will triple over thenext four years.

“We are optimistic that it can develop into Allianz's and theindustry's next blockbuster,” Hartmut Mai, chief underwritingofficer for corporate lines at Allianz's commercial insurance arm,said in an interview. “Cyber insurance is our key growth area atthe moment.”

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.