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Cyber Liability Insurance’s Data Problem: Mining for Destruction

Destruction

Cyber liability insurance is becoming an increasing necessity for businesses and could easily become a requirement similar to E&O insurance for not just large corporations, but also small to medium sized businesses. The challenge however is understanding how much coverage, as well as the scope of the coverage organizations need to properly offset cyber risk. KPMG recently conducted a survey where they discovered 74% of businesses do not have any sort of cyber liability insurance. Of those that did have cyber liability insurance, only 48% believed their coverage wouldcover the actual cost of a breach. The sentiment amongst those surveyedis that the market for cyber liability insurance is not mature and lacks the comprehensive packages to provideadequate coverage.

I asked one insurance agent at a dinner how much coverage should businesses buy, his answer was simple “as much as they are willing to buy.” Although the insurance agent’s answer was tongue in cheek there is...(continued)

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