Cyber Insurance. Am I Covered Now?

The cybersecurity breaches rippling through the global economy create enormous costs for the affected businesses and organizations. As a result, many companies are focusing increased attention on obtaining insurance coverage for these risks; and a recent report from PricewaterhouseCoopers estimated that the annual gross value of cyber insurance premiums will increase from around $2.5 billion in 2015 to $7.5 billion by 2020. Clearly, there is a growing need for these kinds of insurance products, and a growing demand too. However, as with any insurance product, it's critical to know what you're buying, and this article aims to provide some general information to inform and refine your cyber insurance purchase. Let's start with why you need to have it.