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Cyber Policies on the Rise


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Cyber Policies on the Rise, illustration

Credit: donscarpo

The cyber attacks carried out against Sony, Target, Home Depot, and J.P. Morgan Chase garnered a great deal of press coverage in 2014, but data breaches, denial-of-service attacks, and other acts of electronic malfeasance are hardly limited to large, multinational corporations. However, it is the high-profile nature of these breaches—as well as the staggering monetary costs associated with several of the attacks—that are driving businesses of all types and sizes to seriously look at purchasing cybersecurity insurance.

Currently, the global market for cybersecurity insurance policies is estimated at around $1.5 billion in gross written premiums, according to reinsurance giant Aon Benfield. Approximately 50 carriers worldwide write specific cyber insurance policies, and many other carriers write endorsements to existing liability policies. The U.S. accounts for the lion's share of the market—about $1 billion in premiums spread out across about 35 carriers, according to broker Marsh & McLennan, with Europe accounting for just $150 million or so in premiums, and the rest of the world accounting for the balance of the policy value.


 

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