General liability and property insurances typically do not cover cyber risks in their terms, leading to the emergence of cybersecurity insurance. Cybersecurity insurance is designed to mitigate losses from various cyber incidents, including data lost, data breaches and business interruption.
By 2020, the total value of cybersecurity insurance is forecasted to reach $7.5 billion. According to PwC, about one-third of U.S. companies currently purchase some type of cybersecurity insurance. While in China market, Cybersecurity insurance is still evolving.
Since 2014, Insure-Box has been actively engaged to find ways to expand the cybersecurity insurance market’s ability to address this emerging cyber risk area in China.
Mr. Lu Yang, CIO of Insure-Box, illustrated China’s first successful cloud insurance research and development project at LendIt’s 2018 event, which is a typical example of cybersecurity insurance initiative. Dozens of famous cloud service providers in china are now actively adopting cloud insurance provided by Insure-Box to mitigate their risk while providing cloud service to their customers.