Tripwire: ‘Cyber Insurance’ Market Expanding Due to High-Profile Attacks

Lloyd’s, a well-known insurance market located in London, has reported that demand for “cyber insurance” is on the rise in light of a growing number of high-profile security incidents.

“Cyber risk poses the most serious threat to businesses and national economies, and it’s an issue that’s not going to go away,” said Inga Beale, chief executive of Lloyd’s. “The London market has a long, proud history of finding innovative solutions to insuring large, complex risks that are challenging to underwrite locally.”

Last fall, Tripwire published an article that discussed why so few companies are purchasing insurance policies that would protect them in the event of a security incident or breach. We cited the industry’s novelty, not to mention various exclusions, as reasons why companies are forgoing this type of protection despite the risks.

Lloyd’s findings, however, may reveal that companies are reconsidering…

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