Cybercrime fears drive growing demand for anti-hacker insurance

Munich

FOR companies and organisations, an attack by hackers can inflict financial losses, corporate embarrassment and legal action. For insurers jumping into the brave new world of cybercrime insurance, it's free marketing for what could be a US$10 billion opportunity.

High-profile computer breaches such as the hack of the Democratic National Committee and the Twitter Swastika Hack are reinforcing the need for protection against cyberthreats, and companies such as Allianz SE and Beazley plc are eager to step in. Insurers see coverage against hackers as one of their most promising markets, estimating that premiums will triple over the next four years.