[ISN] Insurers struggle to get grip on burgeoning cyber risk market

http://www.reuters.com/article/2014/07/14/insurance-cybersecurity-idUSL6N0PI3M820140714 By Leigh Thomas and Jim Finkle Reuters.com July 14, 2014 PARIS/BOSTON, July 14 (Reuters) – Insurers are eagerly eyeing exponential growth in the tiny cyber coverage market but their lack of experience and skills handling hackers and data breaches may keep their ambitions in check. High profile cases of hackers seizing sensitive customer data from companies, such as U.S. retailer Target Corp or e-commerce company eBay Inc, have executives checking their insurance policies. Increasingly, corporate risk managers are seeing insurance against cyber crime as necessary budget spending rather than just nice to have. The insurance broking arm of Marsh & McLennan Companies estimates the U.S cyber insurance market was worth $1 billion last year in gross written premiums and could reach as much as $2 billion this year. The European market is currently a fraction of that, at around $150 million, but is growing by 50 to 100 percent annually, according to Marsh. […]