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Cyber Insurance in Emerging European Markets: A Case Study of Greece and Cyprus

Summary:

The rapid digital transformation across Europe has intensified cyber threats, establishing cyber insurance as an essential risk management tool for enterprises. This paper examines the evolving European cyber insurance landscape, with a specific focus on the emerging markets in Greece and Cyprus. The study employs a qualitative, exploratory approach, analyzing secondary data and case studies. Key findings reveal a growing European market spurred by regulations and rising threats. However, limited actuarial data, evolving risks, policy ambiguities, and low SME (small medium enterprises) adoption persist. In Greece, GDPR (General Data Protection Regulation) compliance and digital initiatives drive demand, yet the market faces technical, legal, and awareness hurdles. Cyprus sees growth due to frequent attacks and regulatory oversight, though market awareness remains low. The study concludes that while cyber insurance is vital, its effective development requires addressing data gaps, enhancing regulatory clarity, standardizing practices and increasing awareness among businesses

Author(s):

Dimitra Smyrli    
Insureitcs Limited
Cyprus

Vasilis Kakariaris    
Karavias Underwriting Agency
Greece

Michail Smyrlis    
Sphynx Analytics Ltd
Cyprus