Cyber Insurance is not new. It has been around for about 10 years, but most security professionals are not even aware that it exists, and if they do, they don't elaborate on it because they just don't know enough. But, the times they are a changing.
It seems these days that the news is reporting data breaches more and more frequently. Global cyber hacking, cyber extortion, and cyber terrorism is here, and it's not going away any time soon. It seems that no one is really safe. It has hit Home Depot, Kmart, Target, and even JP Morgan Chase.
Presently Cyber Insurance is one of the fastest growing sectors in the insurance business. Cyber Insurance Policies serve business needs only, but when you consider how many individuals have personal websites I can foresee how Personal Cyber Insurance will soon be as essential as auto insurance or anything else to the average person. It's coming. It's only a matter of time before some of the responsibility gets shifted away from larger conglomerates and passed on to the average person.
"Data breaches are now a fact of life, just like death and taxes"
Sadly, there are no set rules and standards yet in cyber insurance dealings, so the best thing you can do right now is to speak with an insurance broker first, not an insurance agent.
If you want to learn more, you can find additional information with the provided link below.
Recap: Personal Cyber-insurance is only for businesses. In the future, it may be required of all and may become as essential as any other insurance.