(Bloomberg) — Lloyd's of London Chief Executive Officer Inga Beale expects the market for cyber insurance to surge after hackers attacked some of the largest companies in the U.S., including JPMorgan Chase & Co. and Home Depot Inc.
Beale, who took over as CEO of the world's oldest insurance market in January, said many businesses are not yet alert to the risks of an attack on their computer systems or the need to buy coverage. She said cyber insurance can cover loss of future revenue and reputational damage, as well as provide assistance to get systems back up and running.
"Cyber is a new risk and it is a concern," Beale, 51, said in an interview with Bloomberg Television's Guy Johnson in London. "Lloyd's is at the heart of cyber attacks, providing coverage right now. It's going to grow dramatically with all the high-profile hacking incidents."
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