CYBERSECURITY INSURANCE: INSIGHTS FOR BUYERS FROM TECHUMEN

CYBERSECURITY INSURANCE: INSIGHTS FOR BUYERS FROM TECHUMEN

There is an especially large and growing need for cybersecurity insurance:

1.      Breaches are costly. (While breach cost estimates vary widely and typically depend on the type and magnitude of data affected, what is clear, however, is that breach cost analysis must include cost of business interruptions, tangible and intangible customer losses, class action lawsuits, and civil fines. For large breaches this cost can easily run into the millions. )

2.      Information technology is too entrenched in corporate processes and breaches will become part of the business landscape (That is most businesses will eventually be hit by some kind of breach or suffer damage from a cybersecurity attack.)

3.      Changing legal and regulatory landscape.  Class action lawsuits will increasingly make their way through the courts. These will be especially expensive for most companies that have experienced a large breach.