Cyber insurance expected to grow after recent attacks: Lloyd's chief

Inga Beale, chief executive of Lloyd's of London, has said that the take-up of cyber insurance would likely increase following recent attacks on two major U.S. companies, reports Bloomberg.

Ms. Beale said that such attacks are new risks and Lloyd's is already providing coverage for this risk. Most businesses are not aware of such risks and do not feel the need to purchase cyber insurance, said Ms. Beale. Estimates by Marsh & McLennan Cos. Inc. show that the cyber insurance market in Europe has been growing by 50%-100% a year.

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