Cyber attack risk requires $1bn of insurance cover, companies warned – FT.com


The unpredictability of future attacks, poor cyber risk management at certain companies and lack of data with which to price risks have constrained capacity in the cyber insurance sector.

In some cases, instead of growing, coverage has become more limited because insurance companies are finding the costs to be too high.

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Insurers are also requiring companies to have tougher cyber security standards to receive coverage, in the hope of reducing the costs of breaches. In the past year, insurers have required many retailers to encrypt data or use other secure ways of storing information in order to get insurance.

via Cyber attack risk requires $1bn of insurance cover, companies warned – FT.com.

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