Inside The Industry: Could Cyber Insurance see a $1 Billion Dollar Limit in Future?
The Federal Insurance Office will continue to monitor the growth of the cyber insurance marketplace, according to a report issued Monday by FIO. The report cited estimates that the U.S. cyber insurance market is in excess of $2 billion. FIO said underwriters should continue to improve processes for cyber risks. Doing so would include pooling insurance data and continuing to build expertise on cyber risks. FIO said it would continue to monitor the development of the cyber insurance marketplace.
In the report, mandated by the Dodd-Frank Consumer Protection and Wall Street Reform Act of 2010, FIO also noted that President Barack Obama signed into law this year a measure that establishes a National Association of Registered Agents & Brokers to streamline the licensing process for insurance producers.
FIO said that in its role as an adviser to the Treasury Department on insurance issues, it supports the effort to establish a board of directors for NARAB as well as implementing the law and will monitor the governance and operation of NARAB to “ensure that it meets the objectives of the law.”
The liability and risk exposures stemming from business websites can be tremendous. What was once the worry of publishers is now the worry of every business maintaining and upgrading a website. This means unless you have specific Cyber Liability in place, you could be facing a number of liability issues. Issues of accuracy, originality, and false advertising are all quite common when it comes to Cyber Liability. Online business happens at the speed of light – don’t wait until it’s too late.
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