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.
[...]
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