October 12, 2015

Computer Attack Insurance Rates Rise After High-Profile Breaches

Hacks that saw data stolen from Sony, Target, Home Depot and major health insurers have made it more expensive to cope with data theft, Reuters reports.

Just as you protect your worldly goods with house insurance, companies must insure against problems with customer and corporate data. But with hacking on the rise, that's harder to obtain and pay for. The number of massive cyberattacks on US companies over the past two years has caused insurers to boost premiums for high-risk companies and in some cases limiting damage cover to a maximum of $100 million, Reuters reports.

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