APAC Cyber Insurance Market Shows Gradual Growth Amid Rising Ransomware Threats
By
Alexander Culafi
2d ago· 7 min readenNews
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Golden Brown
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Summary
The cyber insurance market in the Asia-Pacific (APAC) region has historically seen low adoption, but a new report from insurance broker UIB and cyber-risk analytics vendor CyberCube suggests this is slowly changing. As ransomware attacks have become a persistent threat, cyber insurance has grown in popularity globally to offset losses from cyberattacks, including covering ransom payments. The report indicates that while APAC has lagged behind other regions in cyber insurance uptake, there are emerging signs of growth and increasing interest in the market.
Key quotes
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Cyber insurance is a subset of insurance that has gained popularity in recent years as ransomware attacks became an ever-present threat.
Cyber insurance is intended to offset the losses incurred by cyberattacks, including, in some cases, policy holders paying ransoms to cybercriminals.
The cyber insurance industry has made relatively weak inroads into Asia due to a variety of factors, but that could be changing.