Many businesses, including those in Vietnam, are still lacking the knowledge and skills needed for managing new risk related to cyber security in today's complex digital technology era.

Cyber insurance would cover losses which customers suffer in cases involving hackers and virus attacks as well as the expenses put into rectifying and replacing companies’ information technology systems after network security incident occurrences, and more, reported Vietnam Investment Review.

“As this is a fresh and specific product line, insurance policies sold are still modest in number. Only several dozen such policies have been registered till now,” said a representative of a foreign insurer currently offering the service.

“The market has proven to hold great potential as not many insurers have engaged in providing the service.”

Currently, just a handful of foreign insurers, such as AIG, QBE or Chubb, offer cyber insurance products to customers.