Cyber Insurance Market Grows in Aftermath of Data Breaches
As of late, data breaches have catapulted cyber insurance to the fastest growing type of coverage for U.S. companies to purchase. In fact, according…
November 28, 2017 at 03:56 PM
4 minute read
The original version of this story was published on Law.com
As of late, data breaches have catapulted cyber insurance to the fastest growing type of coverage for U.S. companies to purchase. In fact, according to Fitch Ratings, the market for cyber insurance grew 35 percent in 2016, with total premiums up to $1.35 billion, and Allied Market Research predicts that the global market may reach $14 billion by 2022.
Sean Hyatt, counsel at Alston & Bird's insurance litigation and regulation team, advises organizations to seriously evaluate the need for cyber security coverage if they are not already doing so. “No organization is immune from the threat of a data breach, and other types of insurance policies will generally not provide the coverage needed,” he told Inside Counsel in a recent interview.
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