With data breaches happening every day in large and small companies the world over, it is no surprise to us here at FC&S Legal that companies increasingly are turning to the insurance coverage marketplace for protection against the losses resulting from data breaches. A new Marsh report, “Benchmarking Trends: Interest in Cyber Insurance Continues to Climb,” which is based on Marsh's internal data, has quantified the trend. Specifically, the report found that the number of Marsh clients purchasing cyber insurance increased 21 percent from 2012 to 2013, with financial institutions topping the list.
The report also covers:
- cyber insurance penetration by industry;
- typical coverage limits purchased by companies;
- industry sectors that could be falling behind; and
- rates and coverage trends.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].