[ISN] Cyberinsurance Resurges In The Wake Of Mega-Breaches

http://www.darkreading.com/perimeter/cyberinsurance-resurges-in-the-wake-of-mega-breaches/d/d-id/1316306 By Kelly Jackson Higgins Dark Reading 10/2/2014 Insurance policies customized for cyberattack protection are on the rise as businesses worry they could be the next Target. The string of data breaches at Target, Home Depot, JPMorgan Chase, and so many other major brands has reinvigorated the cyberinsurance industry. Cyberinsurance, which originally was rolled into other insurance policies or even considered unnecessary and ineffective, is enjoying a resurgence of late. Policy purchases have more than doubled in the past year, according to new data from The Ponemon Institute: 10% of companies held cyberinsurance policies in 2013, but 26% do in 2014. Kirstin Simonson, underwriting director for Travelers Global Technology, says US premiums today are estimated at around $1 billion, and it won’t be long before they reach $2 billion. […]