23
Sep
2014

Cyberattack — are companies ready for the big one?

Advisen's Cyber Risk Network

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PUBLISHED ON: September 23, 2014

As data breaches and hacking schemes accumulate, US companies are bombarded with Armageddon scenarios.

They are urged to model and insure against more and more complex data losses. The latest is today’s news that Russian hackers have attacked J.P. Morgan Chase and four other banks. The Federal Bureau of Investigation is trying to determine if Russia is behind the cyber attack in retaliation for sanctions led by the US.

An increasing number of attacks has created demand for comprehensive cyber-insurance products, and for insurance companies willing to commit capital to the risk of catastrophic cyber losses. Insurance companies have hurried to meet this demand.

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