RealNews

Hacker Insurance Set to Rocket

Value of hacker policies still unclear though, warn analysts. Company spending on hacker insurance is set to rocket from $100m (£62m) to $2.5bn (£1.55bn) by 2005 in the US, according to industry estimates. In January, the hacker insurance market increased as many existing commercial general liability policies expired and were replaced by policies containing explicit exclusions for hacker-related losses. According to the Insurance Information Institute, a policy covering revenue lost due to hacking costs about $4,000 (£2,475) per year for each $1m (£620,000) in coverage. Policies generally insure against losses caused by hackers, viruses, worms, cyber-terrorism, programming errors or intellectual property theft on the internet. Full Story

OODA Analyst

OODA Analyst

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