EU Agency Calls For Kick-Start To Cyberinsurance Market

Law360, New York (July 2, 2012, 8:24 PM EDT) -- A European cybersecurity agency on Friday proposed sparking growth in the continent's fledgling cyberinsurance market by allowing class actions over data breaches and requiring companies that bid on government contracts to carry insurance against cyber-risks.

The European Network and Information Security Agency said taking those steps could push more companies to start insuring against data breaches, cyberattacks and other risks associated with doing business online.

Theoretically, insurers providing cyberpolicies would help insureds take proactive measures to protect against cyber-risks and help them develop strong risk management...
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