The growing threat from hackers and computer viruses will trigger a boom in cyber crime insurance, according to one insurer. Tryg, Denmark’s largest insurer, said it expects 90% of its corporate customers to buy cyber crime coverage within five years. It’s already sold 5,000 cyber crime policies since the beginning of the year, when it launched a product to help businesses restore data and get systems running again after a cyber attack. “There are no corporate clients today that don’t have insurance on their buildings or cars, but I think that within a very few years it will be just as evident that you should insure against cyber crime,” Tryg chief executive Morten Hubbe told . According to Tryg, there was a spike in demand for cyber insurance following the “Wannacry” ransomware attack, which affected more than 300,000 computers in May. Hubbe told that he projected around 50% of Tryg’s corporate clients would buy cyber insurance by 2020, and that figure would reach 90% “a couple of years” after that. “The biggest risk to us is that significantly more customers get hit than we believe, and that gives us a huge economic loss,” he told .
In five years, 5,000 out of 10 of its corporate insurance clients will have some from of cyber coverage, according to Denmark's largest insurer Tryg. The firm, which has sold nine cyber coverage policies during 2017 alone, says it's seen a spike in demand for coverage since the WannaCry cyber attacks earlier this year. It anticipates by 2020 roughly half of its corporate clients will have cyber coverage, with the number increasing to 90% a couple of years after that.