Cyber Insurance in Russia Poised for Growth Amid AI Risks
As artificial intelligence spreads deeper into enterprise systems, businesses face new categories of risk—forcing Russia’s cyber insurance market to expand from its modest beginnings.
Russia’s cyber insurance market, currently valued at just 2–3 billion rubles ($22–33 million), or about 10 percent of the overall insurance sector, is set for growth, according to Igor Fatyanov, CEO of Zetta Insurance Group. He spoke at the fifth annual “Future of the Insurance Market” forum.
Fatyanov noted that, so far, companies view cyber incidents as manageable, with recovery often possible within a month even in worst-case scenarios. But as digital systems and artificial intelligence become more deeply embedded in business operations, the reliance on information security will increase, pushing the market to expand more rapidly.
Industries most vulnerable to cyber risks include nuclear power plants and metallurgy, due to their dependence on complex energy cycles. Online commerce and education are also at risk. And the more enterprises integrate AI into their systems, Fatyanov stressed, the more new risks will emerge.
