The UK cyber insurance market is set to see significant growth as the expansion of technology drives exposures both commercially and for consumers, according to HSB Engineering Insurance.
We are seeing an increase in the frequency of cyberattacks and a rise in cyber crime in general, particularly around targeted phishing and ransomware attacks, says Paul Cullum, alternative distribution manager at the Munich Re-owned firm. Add to that the crackdown on data protection in the form of the General Data Protection Regulation (GDPR), and there is an increasing interest in the cyber insurance market, Cullum told Insurance Business.
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