Cyber insurance is a small field in Europe, but companies are starting to offer more policies to cover losses from hacking incidents, according to data published in a new report from the Athens-based agency.
Europe’s cyber insurance industry is comparatively small. Around 50 companies offer cyber insurance in the EU, where premiums total between €3.5 and €4.7 billion per year.
ENISA is encouraging more companies to take out cyber insurance policies as one measure that could help them bounce back more quickly after they’ve been hacked.
“Increased adoption of cyber insurance would prepare the market to respond more effectively to large-scale incidents such as WannaCry and NotPetya and support the economic sustainability of organisations affected by similar major incidents,” the agency wrote, referring to the two large-scale incidents that hit Europe earlier this year.