According to GlobalData, this situation — where the uptake of cyber insurance is far lower than the percentage of business owners detecting a cyber-breach — means commercial insurance providers may be exposed to cover the cost of cyber claims on traditional policies such as business interruption. (Credit: Gorodenkoff/Shutterstock)
The growth of cyber insurance is widely regarded as good news for the insurance industry. However, even insurers not offering cyber cover could find themselves being impacted financially by having to cover the cost of cyber-related claims due to ambiguous policy wording, according to GlobalData.
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