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Retail and health fields to lead cyber insurance premium spike

October 14, 2015 Retail and health fields to lead cyber insurance premium spike

Following a rising number of cyberattacks against U.S. companies, cyber insurance premiums have spiked this year, according to Reuters, citing new data provided by insurance provider Marsh & McLennan Co.

The rising cost of cyberinsurance has created new challenges for higher risk companies, especially in the retail and health care sector. The insurance company told Reuters cyberinsurance premiums for retail companies increased by 32 percent in the first half of 2015.

In light of these sharp premium increases, Palo Alto Networks chief executive Mark McLaughlin told CNBC "insurance is not the answer" to the private sector's cybersecurity challenges.

Tennant Risk Services president and chief executive Robert Sargent told that cyberinsurance premiums affects larger enterprises more than small and medium-sized firms. Companies with $25 million to $100 million in revenue will...(continued)

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