In its U.S. Insurance Market Report 2015, Marsh reported that retailers “should expect cyber insurance rates to increase and overall capacity to shrink, particularly for organizations with more than $1 billion in revenue.”
Marsh also included in the report that carriers are requiring additional details and underwriting information as a pre-condition to covering cyber risk. This information may include, credit card transaction statistics, documentation of standards and controls for payment processing systems, particularly point-of-sale (POS) systems, and detailed information on payment card industry data security standard (PCI DSS) compliance.”
Marsh also noted the cyber threats that the energy sector could potentially face. Although most attacks to-date have targeted data, there is a real threat that future attacks could cause catastrophic physical damage. Marsh stated, “energy companies have been quick to embrace new internet- connected industrial control systems (ICS) to realize cost reductions and operational efficiencies, but this may also mean that they are more susceptible to cyber-attacks.” Canadian Underwriter has the whole story.