Who Needs Cyber Insurance?
For now, it's up to you and your team, including IT security and a good insurance advisor, to determine if you need cyber security insurance. We think that may change for many companies. The US government has long stated that cyber insurance and a focus on cyber liability is an effective way to drive greater cyber security across the country. The White House even called these "broader benefits" -- see more information here. Cyber security bills continue to be debated in Congress. Many observers think the government will move to encourage more companies to have cyber insurance and eventually require it for at least some. For companies serving the federal market, we're told some prime contractors are considering requiring their subcontractors to have cyber insurance. They already increasingly require Interconnection Security Agreements (ISAs) with vendors.
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