Allianz eyes growth in computer hacking insurance

Europe’s biggest insurer Allianz is expecting to cash in on growing corporate demand for insurance against computer hacking and internet breakdowns, it said on Wednesday.

“We see cyber insurance as a big growth market,” said Hartmut Mai, board member at Allianz’s AGCS unit for global corporate and special insurance risks.

Insuring against cyber threats is seen as a potentially lucrative market for Europe’s insurers, particularly now that lawmakers are promising bigger fines for companies that lose data.

“If my production lines are silent because my cloud (computing) provider cannot make the data I have stored there available, then that could threaten the company’s existence,” Mai told a press briefing.

SOURCE: reuters.com