Growth in Australia’s cyber insurance market is expected to surge over the next few years, outpacing the expected trajectory for almost all developed countries, Aon says in a quarterly update.

The local cyber insurance market grew nearly 100% last year compared to 2016 and is estimated at about $60 million.

“Whilst the market is still relatively small, similar growth is expected in Australia for the coming two to three years,” the global broker says.

The US market grew 37% last year, while worldwide cyber premiums are forecast to be worth $7 billion by 2022, representing a compound annual growth rate of 15%.

Ransomeware attacks such as WannaCry and NotPetya have driven a “noticeable move” by companies to take out cyber cover, while organisations are also looking to protect traditional insurance lines from cyber impacts.

Australia introduced a notifiable data breaches scheme in February, requiring organisations and agencies to alert individuals and the Office of the Australian Information Commissioner of incidents likely to cause serious harm.

Europe’s General Data Protection Regulation took effect in May and Canada is set to implement information protection laws in November.

In the US, every state has its own data breach legislation, operating independently of each other and without a federal equivalent.