Interest in cyber coverage is at an all-time high, and those who previously thought it a luxury—or not a necessity—are taking a much closer look at their exposures.
A recent Marsh report shows that cyber insurance purchases grew 32 percent in 2014 when compared with 2013, and were up 21 percent in 2013 over 2012. “The yearly increase shows that organizations see cyber as a risk to be managed, not merely a problem to be fixed by IT,” the report asserts.
Damian Caracciolo, vice president and practice leader at CBIZ Management & Professional Risk, said that cyber attacks affect all industries, but the type of attack deployed depends on the industry to which the company being targeted belongs. In 2015, the health care, financial services, retail and education sectors were those that saw the greatest number of cyber incidents.
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