To say demand for cyber insurance is increasing would be an understatement. Existing buyers are looking for higher limits. New buyers—from industries that had never considered it—are purchasing coverage. And companies of all sizes and stripes are looking for ways to transfer risk through insurance products.

“I think it’s fair to say interest in cyber has increased across the board,” says William Boeck, senior vice president and claims counsel at Lockton Cos. “All types of companies are focusing more on the cyber risks they have, and as part of that, more are considering cyber insurance.”

Anthony Dagostino, executive vice president/FINEX Cyber leader at Willis Towers Watson, notes that a few years ago demand came mostly from heavily regulated industries such as financial services and healthcare. Retailers were quick to follow after suffering high-profile breaches. In more recent years, additional industries have entered the space, from manufacturing to education and professional services companies such as law firms and real estate agencies.

 

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