Archive for September 19, 2017

Insurance Grows for Cyberattacks

Insurance Grows for Cyberattacks

Companies protect themselves against a wide array of threats. As the threat from hackers grows, businesses are hoping that cyberinsurance will provide a new line of defense. Once largely limited to technology firms, cyberinsurance has emerged as the fastest-growing type of coverage among U.S. companies. The policies are designed to cover financial losses from different kinds of attacks—from theft of data to extortion using ransomware—as well as recouping damages from a tainted reputation and stolen money. Many carriers are also trying to distinguish themselves by offering tools and services to help firms respond quickly to cyberattacks or prevent them.

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