As London and the rest of the UK emerge from the COVID-19 pandemic, cyber insurance has been identified as one of the next significant markets of growth for the capital city.
A recent report from the City of London Corporation in association with Accenture highlighted London’s globally unique position as both a hub for commercial insurance as well as the centre of a thriving and comprehensive ecosystem of cyber security service providers.
“No other city has London’s concentration of (re)insurers and brokers, co-located with some of the world’s leading cyber security service providers spanning across InsurTech start-ups, large cyber technology vendors and specialist cyber law practice,” said the report.
London is therefore said to be well-placed to meet the growing demand for cyber insurance and remain the pre-eminent global hub. The city is expected to serve globally as a hub for writing cyber insurance and offering associated protection services as well as play a pivotal role in the cyber protection of UK PLC in the post-COVID-19 landscape.
“The pandemic has driven a marked acceleration in businesses adopting digital and cloud technologies, as they look to support their remote workforces through this time and adapt to a more virtual environment. Consequently, the importance of proper cybersecurity for both business and individuals is ever-increasing, and cyber insurance plays a role in helping meet this challenge,” said the City of London Corporation chair of policy Catherine McGuinness in the report.