Cyber insurance in the spotlight following attack on Anthem, the second largest health insurer in the US
A large firm will need as much as $1bn in cyber insurance coverage as cyber attacks mount, experts warn.
Maximum coverage is $500m, although it is frequently a struggle to get more than $300m.
“The costs are becoming so great that we really need $1bn policies in light of the threats we are facing,” Ben Beeson, a partner at insurance broker Lockton told the Financial Times. “The question is how do we get there and price risk, especially when the risks are changing every day.”
Cyber insurance has risen in prominence in the US following the attack on Anthem, the second largest US health insurer, earlier this month. The health insurer, which keeps 80 milion social security numbers, had at least $150m in cyber insurance.