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 European cyber insurance market is still relatively small in comparison to the US, but will need to expand as new EU regulatory changes require firms to disclose any cyber attacks. Approximately 28% of European companies have experienced a cyber attack over the past year, but only 13% of companies have the appropriate insurance.