Cyber insurers running for cover as ransomware attacks spike

Governments may have to provide more security services and even a financial backstop as companies and insurers risk being overwhelmed

Meat supplier JBS is among the ambitious targets to have been briefly shut following recent high-profile cyber attacks. PHOTO: AFP

(FINANCIAL TIMES) - The Great Fire of London helped forge the property insurance market, as residents feared a repeat of the savage destruction of 1666. In the absence of a state-backed fire service, some insurers even employed their own brigades, betting that limiting the damage to a property would be cheaper than rebuilding it - while also helping stricken owners.

Mr Graeme Newman, chief innovation officer at London-based insurance provider CFC, draws a parallel with today's rapidly evolving market for cyber coverage, where insurers provide emergency support services as well as financial compensation. Now, "the insurers own the digital fire trucks", he said.

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