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Business Privacy

Cyber Insurers Are Cashing In on New GDPR Privacy Rules

The Infinite Brief
Data privacy rules coming into force this week are giving Europe’s fledgling cyber insurance market a boost as they make companies more aware of the risks caused by customer information breaches.

Insurers say the directive, together with major cyber attacks like last year’s WannaCry and NotPetya viruses, is driving demand in Europe for cyber insurance – a sector seen as relatively profitable.

Lloyd’s Chief Executive Inga Beale told Reuters by email that gross written premiums for European cyber insurance could total more than $2 billion annually by 2020, partly as a result of the new directive.

AIG says its European cyber business has risen by 50 percent this year compared with a year ago.

Originally via Reuters

Data privacy rules coming into force this week are giving Europe’s fledgling cyber insurance market a boost as they make companies more aware of the risks caused by customer information breaches.

See the original article at https://www.reuters.com/article/insurance-cyber-gdpr/insurers-cash-in-on-new-european-data-privacy-rules-idUSL5N1SN6QY

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