Rise in data breaches drives interest in cyber insurance

[InfoSec News <alerts () infosecnews org>]

http://www.csoonline.com/article/738140/rise-in-data-breaches-drives-interest-in-cyber-insurance

By John P. Mello, Jr.
CSO Online
August 15, 2013

Growing awareness of cyber threats and reporting requirements by 
regulators are driving a newfound interest in insurance products covering 
data breaches and other computing risks.

Almost a third of companies (31 percent) already have cyber insurance 
policies, and more than half (57 percent) that don't have policies say 
they plan to buy one in the future, a recent study by the Ponemon 
Institute and Experian Data Breach Resolution found.

"It's an issue that's much more front and center with senior executives in 
companies now," Larry Ponemon, founder and chairman of the Ponemon 
Institute, said in an interview.

"Data security may not be a top five issue with companies, but it's in the 
top 10," he added.

Concern over cyber threats is so great that more than three quarters (76 
percent) of the organizations participating in the study who had 
experienced a security exploit ranked cyber security risks as high or 
higher than other insurable risks, such as natural disasters, business 
interruptions, fire and such.

[...]



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