While cyber threats have been around for decades, cyber insurance is still a fledgling, mainly American, $4-6 bn industry, that's estimated to grow to $20 bn by 2025.
In Israel, only 13% of local companies have cyber insurance, according to a June 2019 survey of executives, decision makers and insurance companies by the Israel National Cyber Directorate (Hebrew press release). The main reasons for not having such insurance are lack of awareness to cyber threats and a lack of financial viability. Many executives in the industry, agriculture, construction and retail said they didn’t know cyber insurance even existed.
What exactly is cyber insurance, what cyber attacks does it cover, and how is it affecting global cyber security? In this episode of the Lex Cybernetica, the Hebrew University of Jerusalem Federmann Cyber Security Center’s podcast, we talk cyber insurance with Ariel Levite from the Cyber Policy Program at the Carnegie Endowment for Peace; Sharon Shaham, Betach Toren Insurance Agency CEO; and Asaf Lubin, an affiliate at the Berkman Klein Center for Internet and Society at Harvard University and a Visiting Scholar at the Federmann Center; and Lex Cybernetica’s host, Ido Kenan.