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July / August 2014 Vol. 16 / No. 6

Is cyberinsurance worth the risk?

As established insurance providers and startups rush to sell cyberinsurance to companies of all sizes, many enterprises still can't find insurance policies due to the lack of product standardization and complexities of establishing adequate coverage. High-profile breaches and the growing realization that potential revenue losses from cybersecurity risks areare on par with business interruptions and natural disasters may change those dynamics. Stricter data privacy notification laws, government incentives and cloud adoption have amplified interest in cyber risk insurance. "There is a lot of capacity, so there are a lot of insurance carriers chasing the same customers," said Mark Greisiger, president of Philadelphia-based NetDiligence, a firm that specializes in cyber risk assessment for major insurers, brokers and industries. "You will find underwriters willing to undercut premiums and insure customers who might not have the best controls in place, because they want to put revenue on the books this quarter." Immature products and...

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