Cyberinsurance Resurges In The Wake Of Mega-Breaches

[InfoSec News <alerts () infosecnews org>]

http://www.darkreading.com/perimeter/cyberinsurance-resurges-in-the-wake-of-mega-breaches/d/d-id/1316306

By Kelly Jackson Higgins
Dark Reading
10/2/2014

Insurance policies customized for cyberattack protection are on the rise 
as businesses worry they could be the next Target. The string of data 
breaches at Target, Home Depot, JPMorgan Chase, and so many other major 
brands has reinvigorated the cyberinsurance industry.

Cyberinsurance, which originally was rolled into other insurance policies 
or even considered unnecessary and ineffective, is enjoying a resurgence 
of late. Policy purchases have more than doubled in the past year, 
according to new data from The Ponemon Institute: 10% of companies held 
cyberinsurance policies in 2013, but 26% do in 2014.

Kirstin Simonson, underwriting director for Travelers Global Technology, 
says US premiums today are estimated at around $1 billion, and it won't be 
long before they reach $2 billion.

[...]



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