The number of companies that are insured against cyber risks grew by 70% in 2018. This is clearly not a luxury: the number of claims resulting from cyber risks rose by almost 200% last year. We investigate these trends in depth in our Cyber Survey 2019.
Vanbreda Risk & Benefits publishes a detailed survey of cyber risks each year. In the Cyber Survey 2019, we not only examine the growth of our own cyber portfolio, but also analyse claims. Since we have a large cyber portfolio, this analysis offers unique insights into the Belgian market.
Five years after cyber insurance came onto the market, demand is still growing. In 2018, the number of companies taking out such policies rose by as much as 70% compared with 2017.
“At first, it was mainly banks and hospitals that took out cyber insurance”, says our expert Tom Van Britsom. “But since 2016 more and more companies from other sectors have been taking out these policies, including many SMEs.”
Our Cyber Survey 2019 also reveals that the number of claims due to cyber incidents is rising. Compared to 2017, 194% more claims were recorded in 2018.
Tom Van Britsom: “The majority of these involve CryptoLockers, where companies’ IT networks are locked and not released until a ransom is paid. But we’ve also had claims where the financial loss ran into hundreds of thousands of euros or even more.”
Want to know what types of cybercrime happen most often to Belgian companies? How much financial loss these different types cause on average? And how such a claim affects your insurance premium?
Email us at email@example.com or call us on +32 3 292 00 13, and we will send you the full Cyber Survey 2019 free of charge.