Crawford & Company, a provider of claims management solutions to the insurance industry, has issued a research whitepaper, “The Future of Cyber Insurance,” that summarizes cyber risk categories, cites recent well-known corporate victims of cyber crimes, and describes current and potential future responses by insurers and governments to help manage cyber risk.

“In 2013, U.K. and Irish businesses alone sustained an average of more than 70 new cyber infections a day, putting them both in the top 10 countries exposed to persistent threat. The cost to organizations worldwide of data breaches is growing and most of the consequential losses currently remain uninsured,” noted Benedict Burke, the senior vice president of Crawford & Company and author of the paper. “One of the key challenges in aiding the development of a viable cyber insurance market is finding the right approach to handling the multiple interlinked elements of complex cyber claims.”

The paper presents the “Seven Aggregations of Cyber Risk,” describing broad categories for all identified cyber risk areas. The paper also looks at differences in cyber risk coverage activity for Europe and the United States, and touches on recent European Parliament cyber regulation efforts.