Increased networking of machines, and equipment in particular, can also give rise to very complex risks such as data theft, and disruptions in the interaction between networked machines.
The market for insurance against cyber threats will double by 2020 to over US$8bil (RM33bil), German reinsurance giant Munich Re told a conference in Monaco.
"Cyber risks are one of the biggest threats to the networked economy," Munich Re board member Torsten Jeworrek said in a statement on the first day of an annual meeting of reinsurers in the Mediterranean principality.
Already a subscriber? Log in.
Win a prize this Mother's Day by subscribing to our annual plan now! T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
