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Is it Time to Look Into Cybersecurity Insurance?

Anne Bisagno

33 SECOND READ

A recent survey of publicly traded companies reveals that most of them hold some kind of cybersecurity insurance to protect them from costly liability suits in the event of a data security breach. Among those who have cybersecurity insurance, 91 percent have coverage for business interruption and data restoration, but only 54 percent have coverage that will reimburse them for fees such as PCI fines, breach notification, and extortion. Just over half (52 percent) are buying coverage for insider threats, and more than a third (35 percent) want coverage for coding errors and human errors.

 

Right now, cybersecurity insurance is a field in flux — standards are still emerging, and many companies are busy sorting out what they are covered for under their existing business insurance policies. However, we think best standards are going to emerge soon, and we look forward to keeping you informed on how it might affect you.

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