Demand for Cyber Insurance Growing in Europe

The growing threat of hacking and a duty to protect data more stringently will accelerate demand for cyber insurance in Europe, insurer Allianz said, as it launched its first product aimed at Germany's small-to-medium-sized manufacturers. Cyber insurance has been slow to take off in Europe with fewer than one in 10 firms having taken out a policy, said Christopher Lohmann, head of the region Central and Eastern Europe at Allianz Global Corporate & Speciality.