The awareness of the risk of cyber attacks is steadily rising, thanks to a seemingly endless stream of high profile attacks in recent years.
Experts believe that incidents like the Target breach in 2013, the Sony hack in 2014, the Dyn attack in 2016, and the recent WannaCry ransomware attack will only become more frequent, and that a truly catastrophic cyber event is on the horizon. Cyber criminals are becoming more sophisticated, and attacks are happening on a larger scale, affecting a wider range of targets. These digital bandits also are harder to detect and stop than ever before.
Still, the penetration of cyber insurance is estimated at less than 30% among businesses in the United States, where about 90% of premiums are currently being underwritten. Many buyers are skeptical of the value of cyber insurance, especially in the absence of a "standard" policy that would enable them to compare coverage and pricing. Others who have a better grasp of the possible losses they face may be unable to obtain sufficient coverage, at least not without adopting costly and unrealistically stringent security measures.
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