Some interesting aspects within the European Cyber insurance market: Is this self protection?
“In the last 18 months or so, we’ve seen more and more industrial and manufacturing risks come into the market,” said Signorelli. “I think it’s partly to do with the fact that we’re seeing a broad expansion in coverage on business interruption in the supply chain, and therefore cyber has become the place to go to get insurance for that network interruption exposure. Also, we see in the press a massive uptick in terms of ransomware attacking industrial control systems and manufacturing companies, and we see how disruptive the prolonged effects of these kind of events can be. So, anything that has to do with manufacturing, industrial plants, power and utility, but also transport and logistics tend to be the new category of buyers of cyber insurance.”