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Cyber insurance sales skyrocketing

Apr 23, 2014 // Andrew Stroup

Cyber insurance sales have skyrocketed in the past year as companies begin to realize how much damage data breaches can do to their businesses. While high profile hacks like the one that roiled Target last year have captured the vast majority of news headlines, increasing numbers of small and medium size businesses are finding themselves under attack.

A study by Hewlett Packard estimates that it costs businesses an average of $1 million to resolve a cyber attack. The insurance rate amongst businesses surged last year as they began to realize the intensity and severity of the threat that hackers pose to their bottom line. While the financial services industry has been quick to hedge against this risk, the health care industry has been slow to adopt. Is financial data worth more than health information? Let us know what you think!