Copenhagen — Insurer Tryg expects 90% of its corporate customers to buy cybercrime insurance within five years as the threat from hackers and viruses to crucial data and IT systems grows. Tryg, Denmark’s biggest insurer, has sold 5,000 cybercrime insurance policies since the start of 2017, when it launched a new product providing assistance in restoring data and getting systems up and running if a company is hit by a cyber attack. "There are no corporate clients today that don’t have insurance on their buildings or cars, but I think that within a very few years, it will be just as evident that you should insure against cybercrime," CE Morten Hubbe said on Wednesday. The initial rise in demand for cyber insurance was prompted by the ransomware attack, named Wannacry, that infected more than 300,000 computers worldwide in May. Hubbe estimated that about 50% of the firm’s corporate clients would buy such insurance by 2020 and from that point, it would only take "a couple of years" to r...
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