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Demand for cyber insurance booming, in fact it’s “Off the charts,” according to Bob Parisi, the national cyber risk product leader at insurance firm Marsh. In a recent, The Hill article, Parisi stated, “after two or three years of 35 percent to 50 percent growth, we saw that pace looking like it was doubling, in some areas tripling in 2014.”

Each new hack is bringing new companies off of the sidelines to purchase coverage, but many don’t know exactly what to insure against when it comes to cybersecurity. Experts say they should be prepared for everything. The reason: “data breaches are expensive. When a company is breached, it has to navigate 47 different state notification laws, reach out to customers, pay for credit monitoring for those affected, hire forensic investigators and repair its systems. And that’s before the inevitable lawsuits.”

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