New reports by Marsh and the Insurance Information Institute (III) agree: take-up rates for cyber insurance are increasing. Premiums and limits are also increasing across industries.
Bob Parisi, Senior Vice President and Technology Product Leader at Marsh said that “other businesses have begun to realize that breaches could also corrupt or destroy their software, which is an asset like a building is an asset.” Marsh also noted that limits increased 21.6 percent this year. The III report noted that “Insurers are issuing an increasing number of cyber insurance policies and becoming more skilled and experienced at underwriting and pricing this rapidly evolving risk.”