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Member, Beacon International Group, Ltd.
Experts said that there are gaps for insurers to fill in cyber insurance, Asia Insurance Review reported.
Shaun Wang, an official at The Geneva Association, said that cyber insurance is growing at an annual rate of 20% to 30%.
"Cyber coverage currently purchased within the financial industry hovers around the limits of between $200 million $250 million based on the availability of capacity, which is relatively low compared with the potential losses that banks may suffer from a cyber event," an official said.