Cyber insurance sales boom in Ireland

cyber insurance

Businesses are beginning to look to insurance in order to protect themselves from digital threats

Cyber insurance policies are beginning to gain more attention as hackers begin focusing more heavily on businesses with lackluster protection in place. Hackers have been taking advantage of businesses for several years and businesses have often failed to keep up with the pace at which security software as well as hacking techniques have advanced. As such, insurance protection is becoming vital to the longevity of business large and small. In Ireland, the sale of cyber insurance is skyrocketing.

Cyber insurance sales jump by 30%

cyber insuranceApproximately half of the businesses operating in Ireland have been hacked in some way over the past year. According to the American International Group, this has sparked a strong interest in insurance protection against hacking. The insurer notes that sales of its cyber insurance protection, known as CyberEdge, have jumped by 30% over the past three months. The majority of these policies are being sold to Irish firms that are keen to protect themselves from the dangers of the digital world.

Data breach is becoming a major problem for many businesses

Hackers can cause a great deal of damage to a business. Not only can they access the sensitive information of a business itself, they can also access the information of that business’ customers. With customer information, a hacker can cause a great deal of financial damage through identity theft and other activities. Data breach can also harm the reputation of a business and drive customers away from that particular business

Companies are beginning to take hackers more seriously

The growing interest in cyber insurance is not exclusive to firms based in Ireland. Many companies around the world are beginning to take more seriously the threats that exist in the digital realm. Hackers have managed to prey on companies that have lackluster security or a poor understanding of cyber security in general. Cyber security can often be an expensive investment for companies that have not had to worry about this issue in the past, but the damage that a data breach can cause could be significantly more costly.

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