While the words "sexy" and "insurance" seldom appear in the same sentence, cyber liability changed that in 2011.
Speaking about coverage for data-breach risk, Jake Kouns, senior director of technology and a data-privacy underwriting expert at property-and-casualty insurance holding company Markel, said in October, "It's the new, sexy insurance. There are 30 carriers now writing it."
The reason for this inrush of underwriters, of course, is that the digital storage and transfer of data is a critical part of doing business today for a huge—and constantly growing—swath of industry sectors. Insurance companies, banks, asset managers, retailers and, as Sony reminded us this spring, even game makers—they all handle private financial data.
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