Report Shows Gradual Growth in Asia-Pacific Cyber Insurance Adoption
By
Alexander Culafi
Master baker tier. Every paragraph earns its place on the tray.
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 indicates 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 details the current state and emerging signs of growth in Asia's cyber insurance market.
Key quotes
· 3 pulledRelatively few organizations in the Asia-Pacific (APAC) region use cyber insurance, but there is reason to believe that is slowly changing.
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.
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