With apologies to Al Stewart, 2014 could be referred to as the "Year of the Hack."
Data theft is the costliest trend in cyber crime, with corporations and medical facilities' information always at risk of being compromised by those who would look to steal it and, in many cases, sell it to other criminals.
Among insurers, Cyber Liability coverage remains as hot a topic of conversation as ever, with more carriers every week releasing news of new products offering coverage to protect businesses from data thieves. Yet if many insurers are still attempting to one-up each other in terms of policy offerings, not too many exhibit a large appetite for this risk. Even with more than enough capacity to go around in the P&C market, the limits for Cyber risk are not nearly as high as they could be.
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Shawn Moynihan
Shawn Moynihan is Editor-in-Chief of National Underwriter Property & Casualty. A St. John’s University alum, Moynihan has earned 11 Jesse H. Neal Awards, the Pulitzers of the business press; seven Azbee Awards, from the American Society of Business Press Editors; two Folio Awards; and a SABEW award, from the Society of American Business Editors & Writers. Prior to joining ALM, he served as Managing Editor/Online Editor of journalism institution Editor & Publisher, the trade bible of the newspaper industry. Moynihan also has held editorial positions with AOL, Metro New York, and Newhouse Newspapers. He can be reached at [email protected].
