Insurers struggle to get grip on burgeoning cyber risk market

[InfoSec News <alerts () infosecnews org>]

http://www.reuters.com/article/2014/07/14/insurance-cybersecurity-idUSL6N0PI3M820140714

By Leigh Thomas and Jim Finkle
Reuters.com
July 14, 2014

PARIS/BOSTON, July 14 (Reuters) - Insurers are eagerly eyeing exponential 
growth in the tiny cyber coverage market but their lack of experience and 
skills handling hackers and data breaches may keep their ambitions in 
check.

High profile cases of hackers seizing sensitive customer data from 
companies, such as U.S. retailer Target Corp or e-commerce company eBay 
Inc, have executives checking their insurance policies.

Increasingly, corporate risk managers are seeing insurance against cyber 
crime as necessary budget spending rather than just nice to have.

The insurance broking arm of Marsh & McLennan Companies estimates the U.S 
cyber insurance market was worth $1 billion last year in gross written 
premiums and could reach as much as $2 billion this year. The European 
market is currently a fraction of that, at around $150 million, but is 
growing by 50 to 100 percent annually, according to Marsh.

[...]



--
Evident.io - Continuous Cloud Security for AWS.
Identify and mitigate risks in 5 minutes or less.
Sign up for a free trial @ https://evident.io/