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Cyber insurance premiums rocket in wake of huge hacks

Posted on October 12, 2015 by Dissent

Jim Finkle reports:

A rash of hacking attacks on U.S. companies over the past two years has prompted insurers to massively increase cyber premiums for some companies, leaving firms that are perceived to be a high risk scrambling for cover.

On top of rate hikes, insurers are raising deductibles and in some cases limiting the amount of coverage to $100 million, leaving many potentially exposed to big losses from hacks that can cost more than twice that.

Read more on Reuters.

Could this foster greater investment in data security? If so, that might be a good outcome. And if insurance pockets weren’t so deep, could this discourage a lot of law suits where there is no evidence of concrete injury or imminent injury? And would that, too, be a good thing?

But if all that happens is that rates and breach costs go up and those costs are passed along to consumers and patients, well, buckle up, because we may be in for a rougher ride.

 

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