Denmark’s Tryg Says Cyber Crime Insurance Will Boom
Tryg, Denmark’s largest insurance company, recently made a prediction stating that the market of cyber insurance will experience rapid growth within the next five years.
Tryg is expecting around 90% of its corporate customers to purchase said insurance in just a couple of years, prompted by the recent “Wannacry” attacks that affected hundreds of thousands of computers worldwide which left businesses compromised and incapacitated.
Tryg chief executive Morten Hubbe said that it is fairly evident that businesses should insure against cybercrime. However, he revealed that there is a big risk that more of their customers will get hit more than expected since the frequency and extent of cyber crimes are difficult to predict, which may result to a significant economic loss for the firm.