Cyberrisk coverage is the concern of the day. The reasons are obvious. Cybersecurity incidents are frequent and enormously costly. A 2014 PricewaterhouseCoopers LLP report reveals three of four businesses responding to its U.S. State of Cybercrime Survey detected a security event in the past 12 months. A 2014 Ponemon Cost of Cyber Crime Study echoes PricewaterhouseCoopers conclusions, finding the average cost of cybercrime for U.S. companies climbed by “more than 9 percent to $12.7 million” over the course of the year.
Although the public policy debate over cyberrisk insurance is far from fully developed, the need for answers is immediate. In hopes of illuminating this dilemma, this article will explore two issues: what coverage exists now, and, maybe more important, where we are headed.
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