With the growth of the data breach and privacy liability insurance market and the continued evolution of technology, it’s critical that insurers are up to date in how to meet the challenge of ever-changing cyber risk. As the frequency of cyber attacks increases, seemingly so do the potential associated costs.
Recently, the nonprofit Center for Strategic and International Studies (CSIS) and computer security firm McAfee released a joint study indicating that the cost of cyber espionage and cyber crime in the United States totals as much as $100 billion annually. The rising frequency and associated costs of cyber attacks are leading company owners and management to ask themselves: “Are we adequately protected and covered?”
On Monday, my colleague Ron Beiderman and I will be hosting a “Cyber Risk Emerging Issues” web seminar to discuss how virtually every commercial risk is open to cyber risk exposures at some level. In the web seminar, you’ll learn about the cyber-related emerging issues we’re monitoring and how those issues may ultimately affect cyber insurance.
We hope you’ll attend. Also, please feel free to follow my Twitter handle, @doughertyshawn, to learn more about cyber risk.