Cyber insurance policies first entered the insurance marketplace back in the late-90s and at first covered liability from the hack of a third party. In the early 2000s, these policies evolved to cover breaches that impacted the insureds, though they had many exclusions and did not offer first party coverage, according to ProWriters. Eventually, the cyber insurance marketplace became more crowded with insurers offering their versions of standalone products as well as providing additional risk management and post-breach services to insurance buyers.
By this point in time – 20 years after the first policies came into existence – you’d think that most companies and individuals would be well-versed in the cyber risks facing their organisations, and have robust cyber insurance and cybersecurity measures in place to protect their networks and their bottom lines from the fallout of cyber-related incidents. Nonetheless, there is still tons of room for improvement, with the vast majority of chief information security officers reporting that they are unable to get the cyber coverage they need, according to a recent study by…
