Corporations will pay an estimated $2.75 billion this year for cyber insurance, according to specialty insurance consultant Rick Betterly, a 40 percent hike from last year that sounds like good news for the insurance industry but that masks some trends that are less encouraging.
Dave reports: “Cyber coverage capacity has actually diminished over the past year for large accounts, said Toby Merrill, who heads the cyber risk practice at ACE USA. That retreat, following well-publicized large
cyber incidents at companies like Home Depot and JPMorgan Chase, has been driven by insurance carriers concerned that they underpriced policies, Merrill said.”
Read more: Cyber insurance is up, but not all the way there - POLITIC
Dave reports: “Cyber coverage capacity has actually diminished over the past year for large accounts, said Toby Merrill, who heads the cyber risk practice at ACE USA. That retreat, following well-publicized large
cyber incidents at companies like Home Depot and JPMorgan Chase, has been driven by insurance carriers concerned that they underpriced policies, Merrill said.”
Read more: Cyber insurance is up, but not all the way there - POLITIC
