The Traderszone Network

Published in TZ Latest News 11 October, 2015 by The TZ Newswire Staff

Insight: Cyber insurance premiums rocket after high-profile attacks

“Some companies are struggling to find the money to buy the coverage they want,” said Tom Reagan, a cyber insurance executive with Marsh & McLennan Co’s Marsh broker unit. Retailers and health insurers have been especially hard hit by the squeeze after high-profile breaches at Home Depot Inc, Target Corp, Anthem Inc and Premera Blue Cross. Health insurers who suffered hacks are facing the most extreme increases, with some premiums tripling at renewal time, said Bob Wice, a leader of Beazley Plc’s cyber insurance practice.