The time is now for stand-alone cyber insurance. The tensions between traditional insurance policies and data breach coverage have prompted the dawning of a new era of stand-alone “cyber insurance.” And this new era has only just begun. Global insurance broker Marsh LLC recently reported a 27% increase of stand-alone cyber insurance purchases by its U.S.-based clients in 2015, continuing a pattern of strong growth while PricewaterhouseCoopers estimates that annual gross written premiums for cyber insurance will increase from about $2.5 billion in 2015 to about $7.5 billion by the end of the decade.
Clearly, stand-alone cyber insurance will become yet another basic element of a company’s insurance coverage, just as property insurance and health insurance are. Many companies might even find their customers demanding the carrying of cyber insurance as a matter of good business practice. Here are three important reasons why.
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