The past year has seen a number of large scale cyber attacks and data breaches beginning with Target and ending with Sony, with Home Depot, JPMorgan and others stuck in between. Sales of policies are expected to double from $1 billion to $2 billion this year and different types of companies are “buying the specialized coverage, beyond the retailers, financial firms and health care companies that had been among the biggest purchasers.”
The Wall Street Journal has the story about how pharmaceutical, energy, manufacturing and professional-services industries are buying significantly more coverage then the year before, according to Kevin Kalinich, global practice leader of network risk and cyber insurance at Aon PLC’s Aon Risk Solutions, “It’s gone mainstream.”