“With the help of reinsurers, insurers should be able to meet demands of cyber risk coverage, a concern that affects all businesses,” Francois Villeroy de Galhau said during a conference in Paris. France’s central bank is calling for the country's insurers to increase their cyber risk offering to help prevent hacking attacks and follow more stringent European data privacy laws. The French government has been pushing banks to offer a range of services that would allow them to better protect customer data, including setting up an insurance fund or even creating a new type of insurance. Approximately 28% of European companies have experienced a cyber attack over the past year, but only 13% of companies have the appropriate insurance.
France’s central bank is calling for the country's insurers to increase their cyber risk offering to help prevent hacking attacks and follow more stringent European data privacy laws. The French government has been pushing banks to offer a range of services that would allow them to better protect customer data, including setting up an insurance fund or even creating a new type of insurance. Approximately 28% of European companies have experienced a cyber attack over the past year, but only 13% of companies have the appropriate insurance.