As UK businesses have adapted to the Covid-19 lockdown situation by selling more products online, the opportunity to address their increased cyber risk with insurance has also grown.
This is according to GlobalData insurance analyst Yasha Kuruvilla, who believes cyber coverage is one area that could see growth as the industry expects to struggle in others.
“Retailers will hold more digital records of sensitive personal information, including payment details, than ever,” he said.
He also cited a report from Shape Security, which found hackers account for more than 90% of login attempts on e-commerce websites, as evidence of the risk online sellers face.
For firms operating delivery services, he expects the number of vehicles in fleets to grow too, presenting another area for potential insurance growth.
“This may not translate into new policies for large retailers that are more likely to already have cyber and fleet insurance products in place.
“However, some SMEs have explored the online channel in order to generate some sales during the lockdown.
“With online sales increasing in popularity, it is likely that some of these will make online sales a lasting feature, opening the door for new insurance policies to be sold.”