An interesting overview and introduction to cyber insurance market. According to this February 2017 Deloitte report, the market is currently $1.5 to $3 billion dollars in the United States. The report offers a series of articles exploring the current and potential future of this market. For perspective, a May 2017 survey by the Council of Insurance Agents and Brokers reported that 32% of the survey respondents purchased cyber insurance in the past six months (up from 29% in 2016).
If you are interested to learn more about cyber insurance, here are a few sources to consider:
- Untangling the Mystery of Cybersecurity Insurance (Inside Counsel): offering recommendations to prepare the company prior to seeking cyber insurance.
- The Pitfalls of Cyber Insurance (DarkReading): discussing some of the potential gaps in coverage.
- Businesses Need Cyber Insurance Against Government: Kroll Executive (Insurance Journal): a discussion of some of the issues associated with cybersecurity from a recent insurer conference.
- Current Cyber Coverage Cannot Stand The Next WannaCry (ITSP Magazine): suggesting some questions to ask your insurance carrier.
- Analyzing Cyber Risk Coverage (Risk & Insurance): a discussion of some of the features to consider when shopping for cyber coverage.
Read the Deloitte Report.