Cyber Insurance demand set to soar in China: AIG
Enquiries received after “WannaCry” attack show huge spike
Executives at American International Group said that the insurer saw an 87% jump in enquiries for cyber insurance policies in May, compared to April for Greater China, Reuters reports.
The spike in interest was a direct result of the WannaCry attack, and was substantially more pronounced in China than the global increase of 38%.
“The big increase means the organizations are aware they really need protection,” Cynthia Sze, head of an AIG business in Greater China, was quoted as saying.
“WannaCry has really changed the dynamics. We used to tap large multinational companies that understood where the exposure was. Now we are really talking about mid-market and SMEs,” said Jason Kelly, AIG’s head of liabilities and financial lines for Greater China, Australasia and South Korea.