Friday, March 28, 2014

Target and Other Cyber Attacks Drive Demand for Cyber Insurance

"With vulnerability to hacking in stark relief, insurance brokers say sales of cyberinsurance have picked up sharply this year. The interest is coming from a diverse mix of customers, including public schools in Ann Arbor, Mich., which in February acquired $1 million in cyberspecific coverage for the first time, from a unit of Zurich Insurance Group AG ZURN.VX -0.37% .

'You hear in the news of all those things happening, and we just wanted to make sure that our employees would be covered in case of a breach,' said Nancy Hoover, a school-district finance official. The district is adopting new human-resources and payroll software and was concerned its potential risk was increasing, she said. The policy's annual premium is $21,400, and it covers the cost of services to monitor credit-card accounts, among other potential expenses."

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