Cyber risks are increasing amid geopolitical instability: GlobalData
The intensification of geopolitical tensions around the world and the expansion of military conflicts into cyberspace have made cyber insurance the most sought-after insurance product. This is the main conclusion of a new report by the analytical company GlobalData.
The authors of the report note the growth in demand for cyber insurance and the increase in the digital resilience of enterprises of all forms of ownership for which the insurance industry offers appropriate coverage.
The Internet resource UkrStrakhuvannya from the materials of the GlobalData report knows that about a third (27.4%) of insurance industry representatives named cyber insurance as the leader in demand among clients. In second place with 25% is political risk insurance, followed by supply chain insurance (23.8%) and business interruption (13.1%).
“Businesses and organizations are realizing that cyber incidents are increasingly the result of geopolitical escalation and the actions of state actors, rather than individual criminal groups,” GlobalData noted.
“Digital threats are evolving against a backdrop of political instability. Insurers are facing growing demand for cyber products with clearer coverage and more proactive resilience measures, from real-time threat monitoring to faster recovery from incidents.”