Insurance Against Cyber Attacks Expected to Boom
Posted in: Legal, Privacy & Security at 25/12/2011 16:19
Sony is still awaiting the final tally for losses related to its data breaches earlier this year. At last count, it had compromised 100 million customer accounts, and Sony anticipated the debacle would cost $200 million. With 58 class-action suits in the works, that may be wishful thinking.
Now for the really bad news: Sony's losses aren't insured.
In a lawsuit, Sony's insurer, the Zurich American Insurance Company, reminded the company it does not own a cyber insurance policy. Sony's policy only covers tangible losses like property damage, not cyber incidents.