Number of Companies Buying Cyber Insurance Up by One-Third in 2012
More companies are turning to cyber insurance to protect their organizations from the financial consequences of a data breach or cyber attack, according to a report by Marsh. The number of Marsh US clients purchasing cyber insurance increased 33% in 2012 over 2011, with those in the services and educational sectors leading the way.
Companies also are purchasing higher levels of cyber coverage, according to the report, Benchmarking Trends: More Companies Purchasing Cyber Insurance. Cyber insurance limits purchased in 2012 averaged $16.8 million across all industries, an increase of nearly 20% over 2011. Communication, media, and technology companies led all industries, both by average limits purchased — $33.4 million — and the rate of increase over 2011, which was nearly 36%.