Demand for cyber insurance rising in Europe

New EU law requires companies to report harmful breaches within 72 hours

Demand for cyber insurance is rising in Europe as new EU legislation forces companies to report breaches potentially harmful to individuals within 72 hours.

Take-up is currently low throughout Europe–the German market is only expected to reach $10 million this year–but experts predict this will change rapidly, with law, financial services and pharma being among the earliest entrants.

“Breaches are going to get more expensive, they are going to get more complex and they [clients] want insurers to help with both of those issues,” Paul Bantick, technology, media & business services UK focus group leader at insurer Beazley, told Reuters.

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