Cyber Insurance May Become More Popular
DATA PROTECTIONJanuary 6, 2012
When it comes to cyber insurance, "Everybody needs it, and most companies don't realise they don't have it until it's too late," says one expert in a report for The New York Times. Despite recent high-profile cyber attacks, only one-third of companies surveyed said they had purchased a policy. But experts say new regulations by the Security and Exchange Commission--specifically, a provision that requires companies to disclose a description of relevant insurance coverage to shareholders--will likely change that. Experts advise small businesses to look closely at what kind of cyber-insurance coverage they need based on the amount of personal information handled. (Registration may be required to access this story.) Editor's Note: The IAPP recently hosted a Web conference on Evaluating Cyber Liability Insurance. The archive is available on our website.