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Inga Beale, chief executive of Lloyd’s, recently stated that “cyber risk poses the most serious threat to businesses and national economies, and it’s an issue that’s not going to go away. The London market has a long, proud history of finding innovative solutions to insuring large, complex risks that are challenging to underwrite locally.”

Geoff White, underwriting manager for cyber, technology and media at Barbican, a Loyd’s syndicate, reported that the cyber insurance market has had a 50% increase in insurance submissions over the course of the first three months of the year compared to the same period in 2014. According to White, “we’re continuing to see new customers purchasing cyber insurance and existing customers purchasing higher limits following recent high profile attacks. In terms of our customers, approximately 70% are first time purchasers. We’re also seeing customers in those sectors which were affected last year – and in particular in the retail sector – looking to buy higher limits.”

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