Sales of cybersecurity insurance policies jump in Israel after global attack.
Israel came out relatively unscathed from the massive cyberattack on the world’s computers over the weekend. But the event was enough to spook many Israeli business owners and sales of cyberinsurance have jumped 30% compared with the same time last year, according to AIG Israel, one of the biggest providers.
Businesses that had been sitting on the fence about whether to buy coverage acted quickly and policies offering coverage for ransom attacks, like last weekend’s, were especially popular. Still, said Aviram Gavish, vice president for legal and business development, only about 10% of Israel’s publicly traded companies have policies, a third the rate common in most other countries where AIG offers cyberinsurance.