The awareness of the risk of cyber attacks is steadily rising, thanks to a seemingly endless stream of high profile attacks in recent years.
Experts believe that incidents like the Target breach in 2013, the Sony hack in 2014, the Dyn attack in 2016, and the recent WannaCry ransomware attack will only become more frequent, and that a truly catastrophic cyber event is on the horizon. Cyber criminals are becoming more sophisticated, and attacks are happening on a larger scale, affecting a wider range of targets. These digital bandits also are harder to detect and stop than ever before.
Still, the penetration of cyber insurance is estimated at less than 30% among businesses in the United States, where about 90% of premiums are currently being underwritten. Many buyers are skeptical of the value of cyber insurance, especially in the absence of a "standard" policy that would enable them to compare coverage and pricing. Others who have a better grasp of the possible losses they face may be unable to obtain sufficient coverage, at least not without adopting costly and unrealistically stringent security measures.
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
