Wednesday, April 30, 2014

What's Next for Cyber Insurance?

There’s a saying in the cybersecurity industry that there are two types of businesses today: Those that have been breached and know it and those that have been breached and just don’t know it.

Cyber-related data breach incidents increased in frequency and severity in 2013, driving cyber insurance buying by double digits last year. The trend is accelerating, according to early signs in 2014 and a Marsh Risk Management Research briefing titled, “Benchmarking Trends: Interest in Cyber Insurance Continues to Climb.”

In today’s cyber world everybody has been breached, says Rick Betterley, president of Betterley Risk Consultants Inc. based in Sterling, Mass. In reality, it’s more like continual breaches. “There’s folks that are phishing around in your network right now,” he says.

source: www.insurancejournal.com

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