More companies are turning to Cyber insurance to protect themselves from the financial consequences of a data breach or cyber attack, as concern over the consequences of an assault grows, a new report from insurance broker Marsh says.
Based on figures in Marsh’s FINPRO practice, the broker says 33 percent more clients opted for cyber-liability insurance in 2012 compared to 2011.
All seven of the sectors Marsh measured showed increased interest in the coverage. Of the seven, services—which covers professional, business, legal, accounting and personal—and education led all others with a more than 70 percent increase in cyber-liability purchases in 2012 compared to the year prior. Healthcare had the lowest increase at just over 20 percent.
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