Big cyberattacks crippling private cyberinsurance firms

I think many of us thought that the more aware businesses and organizations became aware of hacks and malware risks, the more they  would rush to get cyberinsurance to protect themselves from financial ruin from a data breach.  Cyberattacks should be good for business – if your business is cyberinsurance, right? But that’s not necessarily true, as Pymnts.com reports:

Just hours after Anthem, the second-largest U.S. health insurer, announced it had suffered a massive security breach, the largest Lloyd’s of London insurer said cyber attacks are now too big for private insurance companies to handle, according to the Financial Times.

Catlin Group CEO Stephen Catlin told an insurance conference in London on Thursday (Feb. 5) that governments should take over risk coverage for hacking and malware. “Our balance sheets are not large enough to pay for that,” Catlin said, adding that cybersecurity was the “biggest, most systemic risk” he had ever seen.

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