Menu
Chapter 2 - Cyber Insurance

News /

As the use of cloud-based computing, electronic platforms and smart devices continues to increase, it goes without saying that businesses have had to adapt quickly to technological advances and the corollary demands of their customers.

With widespread cyberattacks becoming more common, cyber risk has become a subject of much greater concern for businesses of all sizes. Over the past year, we have seen attacks on a number of leading companies such as Facebook, Uber, British Airways and Marriott International, which followed the widespread WannaCry and NotPetya viruses of 2017.

The cybersecurity insurance maket is expected to grow from US$4.52 billion in 2017 to US$17.55 billion in 2023. Given that the average cost of a cybersecurity breach is in the region of £0.6 million to £1.15 million (£65,000 to £115,000 for SMEs), it is of little surprise that businesses are increasingly looking to cyber insurance to provide additional levels of protection.

Please download the full chapter here

Click here to view the complete seventh edition of The Insurance and Reinsurance Law Review.

This content was reproduced with permission from Law Business Research Ltd
Simon Cooper

Simon Cooper Consultant

Related sectors:

Related news & insights

News / Dan Crockford appointed as Head of Office for Ince (Bristol)

23-06-2022 / Insurance

We are delighted to announce that Dan Crockford has recently been appointed as Head of Office for Ince (Bristol).

Dan Crockford appointed as Head of Office for Ince (Bristol)

News / Court construes scope of indemnity under Mortgagees’ Interest Insurance Policy

06-06-2022 / Insurance, Maritime

Piraeus Bank A.E. v Antares Underwriting Limited and others (The ZouZou) [2022] EWHC 1169 (Comm)

Court construes scope of indemnity under Mortgagees’ Interest Insurance Policy

News / The Insurance and Reinsurance Law Review Tenth Edition

19-05-2022 / Insurance

We are delighted to share with you the tenth edition of The Insurance and Reinsurance Law Review edited by Simon Cooper. As with previous years, Ince was a member of The Law Reviews (TLR) leading panel of contributors. 

The Insurance and Reinsurance Law Review Tenth Edition

News / High Court assesses insurable interest principle and late payment damages claim

16-03-2022 / Insurance, Maritime

Quadra Commodities SA v XL Insurance Company SE & Ors [2022] EWHC 431 (Comm) This recent High Court case deals with a claim arising from the “Agroinvestgroup Fraud” which affected the Ukrainian agribusiness in early 2019. It provides useful guidance on the interpretation of all-risks cargo policies and, for the first time, how the Courts will treat claims for late payment damages under section 13A of the Insurance Act 2015.

High Court assesses insurable interest principle and late payment damages claim

Insights / Chambers Global Practice Guides - Insurance & Reinsurance 2022

02-02-2022 / Insurance

We are delighted to share with you Simon Cooper's input as Contributing Editor to this year's Chambers Global Practice Guides - Insurance & Reinsurance 2022.

Chambers Global Practice Guides - Insurance & Reinsurance 2022

News / Ince achieve top rankings in the new Chambers and Partners Greater China Region 2022 Guide

18-01-2022 / Insurance, Maritime

The firm maintained its high rankings in Shipping and Insurance across China and Hong Kong jurisdictions.

Ince achieve top rankings in the new Chambers and Partners Greater China Region 2022 Guide