It's impossible to ignore the ever-increasing number of cyber breaches in the U.S. In its September 2014 report on data breach preparedness, the Ponemon Institute found that 43% of respondents had experienced an attack, up 10 percentage points from the prior year.
“The realization is growing robustly due to media coverage of the large retailers or banks that have recently had some type of network security event,” says Joe Coray, vice president of The Hartford's Technology and Life Science Practice. “It is something that every commercial operation has to think about, because data and the network is intrinsic to business.”
That realization has translated into increased purchasing of Cyber Liability insurance among larger clients. “It's not just the early adopters of the coverage—health care, tech firms—buying coverage any more. Different industries have gotten religion and realized that data breaches can happen to them and, even if you're not an organization that would be in the headlines, it can be expensive if you're not prepared to handle it,” says Tim Francis, enterprise cyber lead at Travelers.
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