Russia’s Cyber Insurance Market May Grow Rapidly in Coming Years

The total volume of written cyber insurance premium in Russia does not exceed several million dollars, but may increase several times in the coming years, according to experts interviewed by TASS.

“Many insurance companies are getting accustomed with this market because there is not enough statistics, there is no infrastructure for identifying and settling insurance cases, new risks require additional capital, complicated and expensive underwriting,” Head of Sberbank Insurance Dmitry Popov said. At the same time, he added that against spreading various types of cyberthreats, by 2025, the Russian cyber risk insurance market could reach 8-10 bln rubles ($125.05-156.32 mln).

He also noted that the business does not yet understand the importance of the costs of cyber risk insurance, TASS writes.

Head of Department at Greco International Dmitry Gruzintsev predicts that digitalization of the economy, automation of business and production processes will lead to multiple growth of the market. “Given the current small market size and high interest from the business community, in the next few years I expect multiple growth in the Cyber market,” he said.

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