Viewing entries tagged
insurance

Concerned US States Buying Cyber Insurance

The growing threat of hackers and cybercriminals targeting government agencies has led a number of states to purchase cyber insurance to protect themselves - and their constituents. 

As massive data breaches like Yahoo and Equifax dominate news headlines, a growing number of businesses have rushed to purchase cyber insurance policies. Last year, insurers wrote $1.35 billion in premiums, a 35% jump from 2015, according to Fitch Ratings.

Now, US states have begun following suit. In a survey of state CIOs, 38% reported having some type of cyber insurance this year, compared to 20% in 2015.