In the world of insurance providers and policies, cyber insurance is a fairly new field. And many security teams are trying to wrap their heads around it.
What is it and do they need it? And with what time will they spend researching how to integrate cyber insurance into their strategy?
For small security teams, this is particularly challenging as they contend with limited resources.
Luckily, there’s a new eBook dedicated to helping small security teams better understand cyber insurance policies and how they may impact an organization’s cybersecurity measures.
In 1997, the “Internet Security Liability” (ISL) insurance policy was launched at the International Risk Insurance Management Society’s convention in Honolulu. Underwritten by AIG, ISL insurance was designed to protect ecommerce retailers like Amazon that were collecting sensitive customer data and storing it on internal networks. It is credited as one of the very first cyber insurance policies to be made available to businesses.
Now, a quarter of a century later, the cyber insurance market has grown exponentially and covers a wide range of cybersecurity incidents. According to the National Association of Insurance Commissioners (NAIC), the cybersecurity insurance market hit $4.1 billion last year, up 29.1% over the previous year. Industry reports predict the market will reach $11.4 billion by the end of this year – and nearly double to $22.3 by 2025.
images from Hacker News