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A high profile hack of Target in 2014 may have resulted in more than $146 million in damages to the company and consumers. With more than 3,000 American business hacked last year demand for cyber insurance is growing rapidly. However, compared to better understood areas of risk like natural disasters, experts are unsure how to measure the frequency and ferocity of current cyber attacks as well as respond to techniques that will emerge in the future. The internet of things could quickly become a security nightmare, if an appropriate level of consciousness is not applied.
More small businesses — particularly technology companies, financial institutions and retailers — are taking out cyber-insurance policies, as are contractors and vendors that serve large corporations, hospitals and government agencies. “All of those businesses have critical data that they need to insure against any kind of unauthorized disclosure of that data,” said Matt McCabe, senior vice president for network security and privacy at Marsh, an insurance brokerage firm and risk adviser. “But we’re also seeing many other types of companies that are becoming more interested: Power and utilities are purchasing cyber; manufacturers are increasing numbers; life services companies — any company that focuses on logistics.”
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