Devesh Mamtani, Special to Middle East-24 July 25, 2021
A recent report by the “Munich Renaissance” company stated that the size of the electronic insurance market (against cyber risks) in the Middle East amounts to $400 million, or 5.7% of the global market size that exceeds $7 billion, while the UAE and Saudi Arabia are the largest markets in the Middle East with an average growth rate. Annually more than 30%.
Experts in the insurance sector confirm that a promising market for cyber-risk insurance has begun to take shape in the UAE, especially with the significant increase in attempts to hack websites and data threat recently, especially after the “Corona” pandemic, pointing out that there is a large gap between the amounts of cyber insurance coverage on the one hand and the losses that On the other hand, companies suffer from various cyber attacks.
The increasing proliferation of Internet-related devices connected to the World Wide Web, which will reach about 300 billion devices by 2022, is a major window for hackers to steal data and cause various damages to companies, especially with the absence of protection software in those devices, which is the weakest link in terms of penetrability. Hardware is a major factor in the growth of the cyber insurance market in the next stage, especially in conjunction with the transformation of the Internet from controlling information to controlling devices.