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Cyber Insurance Popular With Small, Midsize Businesses

The Center for Strategic and International Studies reports that a surge in cyberattacks—with more than 3,000 American businesses hacked in 2013—has led to an increase in demand for cyber risk insurance...
October 17, 2014

The Center for Strategic and International Studies (CSIS) reports that a surge in cyberattacks—with more than 3,000 American businesses hacked in 2013—has led to an increase in demand for cyber risk insurance. About 50 companies throughout the United States offer cybersecurity insurance, and Betterley Risk Consultants says businesses could spend $2 billion on the coverage this year, a 67 percent increase from the $1.2 billion spent in 2013 and significantly more than the $600,000 spent in 2010.

More small and midsize businesses are taking out cyber insurance policies, especially as many more vendors and contractors offer services to large firms, hospitals and government agencies. Experts say about 75 percent of larger businesses with $1 billion in annual revenue could have cybersecurity insurance over the next few years.

Cyber-insurance Gains in Popularity (Washington Post 10/12/14)

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