Interest in cyber insurance is expanding rapidly, a top official of Marsh & McLennan testified before a Senate committee today, with the number of Marsh clients purchasing stand-alone cyber insurance increasing by more than 20% in just the past year.
The Marsh official also testified that, in the area of cyber security, "offense is a lot easier than defense," that is, companies should be aggressive in taking steps to head off cyber breaches.
"There is no silver bullet or panacea that will eliminate this risk," said Peter Beshar, Marsh executive vice president and general counsel.
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