As noted in an earlier post, the Department of Commerce Cybersecurity Report recommends increased use of cyberinsurance. Now we’re hearing about it on several fronts. You already shell out big bucks for insurance of all kinds for your business: professional liability, errors and omissions, fire and casualty insurance on your building, liability and comprehensive insurance on your vehicles. You’re mandated by government to pay for worker’s compensation insurance, unemployment insurance. You may provide health insurance and life insurance for your employees. Now yet another type of insurance comes along – but do you really need it or is it just another way for insurance companies to take your money?
This article describes how the increase in high profile hack attacks is driving companies to get “cyberinsurance.”
Who knows? Someday it may be a government mandate. That seems to be the trend with other types of insurance – one that I’m sure the insurance industry loves.