Demand for cyber risk insurance soars in Brazil

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The increase in cybersecurity incidents in Brazil has led to soaring demand for insurance for risks in that area, according to numbers from the National Confederation of Insurers (CNseg).

According to the association, the segment of cyber risk insurance has generated the most significant volume of business in March 2022 since the creation of that type of cover in 2019. With 13 million Brazilian ($2.7 million) worth of insurance policies sold, the category saw an increase of 23.4% compared to the same month in 2021.

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The volume of business generated in the first three months of the year reached 34.5 million Brazilian reais ($7.2 million). According to CNseg, this is a 41.5% increase in relation to the first quarter of 2021. Totaling 113 million Brazilian reais ($23.6 million), the insurance premiums paid for cybersecurity incidents within 12 months from March 2021 to February 2022 are almost 100% higher than the same period between 2020 and 2021.

Cyber risk insurance in Brazil is aimed at corporate users, including SMEs. According to CNseg, that type of insurance covers data hijacking ransom requests seen in ransomware attacks, as well

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