“Consumers can expect some significantly different offerings in the coming years. ‘Now you see cyber insurance as an add on to other types of policies — an addendum to a property policy or a liability policy. I think you may see more standalone cyber insurance policies that cover the full range of attacks,’ predicts Cindy Jordano, an associate at Cohen Ziffer Frenchman & McKenna.
‘There’s probably going to be some level of consolidation. Some companies will understand how to do this better than others,’ (Deloitte’s Daniel) Soo concurs. ‘You’ll see capitalism come into play here.'”
With cyber-attacks on the rise, cyber insurance is becoming a necessity for many organizations. But costs are skyrocketing, and claims are being denied.
Source: The Cyber Insurance Market in Flux