The All-Russian Association of Insurers has predicted that the volume of cyber insurance premiums by Russian insurers will triple over the next two years. This is due to the message of the association (it is on socialbites.ca).
According to BCC forecasts, by the end of 2023, industry participants will earn RUB 1.35 billion from insurance against risks of cyber attacks. At the end of last year, the figure was 750 million rubles. That is, insurers expect to nearly double their revenues in the direction. The union announced that the average premium for a policy against cyberattacks in 2021 is at the level of 50 thousand rubles.
“In the future, the cyber risk insurance market in Russia may reach 10 billion rubles. If currently this type of insurance accounts for less than 1% of all fees in the corporate segment of the market, then in a few years its share will become significantly more important due to the development and widespread use of IT solutions. said Evgeny Ufimtsev, President of ARIA.
A cyber risk insurance policy usually covers damages to individuals and companies resulting from hacking, destruction, cyber blackmail or data theft. If an insured business goes bankrupt due to a cyber incident or fails to protect its data, it also receives reimbursement.
Cyber insurance has existed in the world since 1997. In Russia, it started to be in demand after the large-scale hacker attacks of WannaCry and Petya viruses against domestic companies in 2017. At the same time, a clause on the development of the cyber insurance market in the country appeared in the Digital Economy government program.
Previously at the Central Bank in your name The volume of money stolen from Russian cards in 2023.